Competition among service providers is always good for consumers. I am glad an alternative to IMF and World Bank is being emerged.
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The long-awaited BRICS development bank is expected to finally be launched next week, Russian finance minister Anton Siluanov confirmed today.
The joint project will see the emerging economic powers of Brazil, Russia, India, China and South Africa establish an alternative to the World Bank, in an attempt to ensure economic stability should the U.S. dollar continue to fluctuate.
The New Development Bank project will see each of the founding countries contribute $2 billion to the banks funds over the next 7 years, with the banks maximum capital set at $100 billion.
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http://www.newsweek.com/russia-china-india-ready-launch-rival-world-bank-258058
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The long-awaited BRICS development bank is expected to finally be launched next week, Russian finance minister Anton Siluanov confirmed today.
The joint project will see the emerging economic powers of Brazil, Russia, India, China and South Africa establish an alternative to the World Bank, in an attempt to ensure economic stability should the U.S. dollar continue to fluctuate.
The New Development Bank project will see each of the founding countries contribute $2 billion to the banks funds over the next 7 years, with the banks maximum capital set at $100 billion.
...
http://www.newsweek.com/russia-china-india-ready-launch-rival-world-bank-258058