Business
Possible launch of BRICS development bank in South Africa next year
The launch of the BRICS development bank in South Africa would provide Africa, the Caribbean and other emerging countries an alternative to the Western dominated Bretton Woods institutions notably – the International Monetary Fund (IMF) and the World Bank.
Earlier this year, Brazil, Russia, India, China and South Africa (BRICS), countries representing 43 percent of the world’s population and 18 percent of the world’s gross domestic product (GDP), — met in New Delhi for their fourth annual convention. In this meeting of five countries, now attracting more than half of total global financial capital, a plan was announced to establish a BRICS-focused development bank, to be funded solely by BRICS countries, no longer having to rely on the World Bank and the IMF, which, for more than half a century, have served as monetary levers for Western interests.
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The BRICS bank will promote growth and investment in its member states and other emerging markets, and will be a strong voice in the lobbying for the reform of international financial institutions.
