(L to R) Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, China’s President Xi Jinping and South Africa’s President Jacob Zuma join their hands during the official photograph of the 6th BRICS Summit in Fortaleza, Brazil, on July 15, 2014 (AFP Photo)
Pepe Escobar: “BRICS bank on its way to beat casino financial system”.
New Development Bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size. “BRICS Bank will be one of the major multilateral development finance institutions in this world,” Russian President Vladimir Putin said on Tuesday at the 6th BRICS summit in Fortaleza, Brazil.
The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over…
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