BRICS Development Bank announced with $100 billion

It probably isn't surprising that the BRICS (Brazil, Russia, India, China and South Africa) should fulfill their promise or threat to create their own development bank. They have been arging for many years for the World Bank and IMF to change their voting rules to increase the number of votes for developing countries without much advancement.

This new development bank will be based in Shanghai in China it was also announced that the first president for the bank will come from India. 

the Bank will initially have a fund of $50 billion and will focus on supporting infrastructure projects in developing countries. As the Fortaleza Declaration from the 6th BRICS Summit says:

"We, the leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa, met in Fortaleza, Brazil, on 15 July 2014 at the Sixth BRICS Summit. To inaugurate the second cycle of BRICS Summits, the theme chosen for our discussions was “Inclusive Growth: Sustainable Solutions”, in keeping with the inclusive macroeconomic and social policies carried out by our governments and the imperative to address challenges to humankind posed by the need to simultaneously achieve growth, inclusiveness, protection and preservation.

 In the aftermath of the first cycle of five Summits, hosted by every BRICS member, our coordination is well established in various multilateral and plurilateral initiatives and intra-BRICS cooperation is expanding to encompass new areas. Our shared views and commitment to international law and to multilateralism, with the United Nations at its center and foundation, are widely recognized and constitute a major contribution to global peace, economic stability, social inclusion, equality, sustainable development and mutually beneficial cooperation with all countries."


This continues to show the leadership that is now coming from key developing countries in the post Rio+20 landscape and offers real hope for the post 2015 agenda being implemented. 

Comments

  1. It is the absence of a just, sustainable, and therefore, stable international monetary system that the global economy and commerce are not functioning well, because it is the international monetary system as glue binds together the monetary, financial, economic and commercial systems.
    The establishment of the BRICS bank and its large reserve fund is a step in the right direction because it constitutes “a major contribution to global peace, economic stability, social inclusion, equality, sustainable development and mutually beneficial cooperation with all countries." Hopefully, the BRICs cooperation of greatly diverse societies sets the example for the EU, US and other nations to start collaborating in those areas that really matter, such as an effective international monetary system, rather than going their own separate ways.
    One way to bring such monetary system about is to base it on a carbon standard of specific tonnage of CO2e per person, so that the looming climate catastrophe can be avoided and low-carbon, climate resilient development can be pursued. The conceptual, institutional, ethical and strategic dimensions of such approach is presented in Verhagen 2012 “The Tierra Solution: Resolving the climate crisis through monetary transformation” and updated at www.timun.net.

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