BRICS Nations Create Development Bank , $100 Billion Reserve
Following the 2014 BRICS Summit, the BRICS countries announced the creation of their own multilateral financial institutions as alternatives to the Western dominated system, reports the Bangkok Post.
The current leading international lending institutions are the dollar-backed International Monetary Fund and the World Bank. Created in 1944 to help Europe rebuild after World War II, both have only been lead by Americans and Europeans.
“We need to work to improve economic governance at a global level, increase the representations and voice of developing countries,” said Chinese President Xi Jinping, according to the Bangkok Post.
The New Development Bank, created to rival the World Bank, will be equally funded by each BRICS nation and headquartered in Shanghai. The summit declaration said the bank will help emerging and developing nations mobilize resources for infrastructure and sustainable development projects.
Chaninat & Leeds is the pre-eminent law firm on the laws to start a new business in Thailand for small to medium enterprises.
The Contingent Reserve Arrangement is being called a “mini IMF” and will have $100 billion, to start.
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