BRICS Nations To Form Bank To Rival World Bank, IMF

Written by MCJStaff   // July 16, 2014   // 0 Comments

July 15, 2014.  Leaders of the BRICS (Brazil, Russia, India, China and South Africa) group of emerging powers gathered in Brazil on Tuesday to launch a new development bank and a reserve fund seen as counterweights to Western-led financial institutions.  NELSON ALMEIDA/AFP/Getty Images)

July 15, 2014. Leaders of the BRICS (Brazil, Russia, India, China and South Africa) group of emerging powers gathered in Brazil on Tuesday to launch a new development bank and a reserve fund seen as counterweights to Western-led financial institutions.
NELSON ALMEIDA/AFP/Getty Images)

 

By SILVIO IZQUIERDO  of Associated Press via Huff Post World Post

FORTALEZA, Brazil (AP) — The leaders of five emerging market powers said at a summit Tuesday that they gave final agreement to creating their own development bank worth $100 billion that will have its headquarters in China.

The first president of the New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa — the so-called BRICS nations, a joint statement from the leaders said.

BRICS leaders conferred in a closed session earlier in the day at their conference in northeastern Brazil, then announced concrete plans for the bank at an afternoon session open to the press.

The new bank is seen as a strong push by the BRICS against the World Bank and the International Monetary Fund, which the developing world has long complained it far too U.S.- and European-centric.

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