Five nations forming their own world bank Is this the new New World Order -
The group is called BRICS, and the members are all developing or newly industrialized countries that are distinguished by their large, fast-growing economies and significant influence on regional and global affairs.
From the
AP:
Brazil, Russia, India, China and South Africa -the so-called BRICS countries – are seeking “alternatives to the existing world order,” said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.
At a summit Tuesday through Thursday in Brazil, the five countries will unveil a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world.
The five countries will invest equally in the lender, tentatively called the New Development Bank. Other countries may join later.
The BRICS powers are still jousting over the location of the bank’s headquarters – Shanghai, Moscow, New Delhi or Johannesburg. The headquarters skirmish is part of a larger struggle to keep China, the world’s second-biggest economy, from dominating the new bank the way the United States has dominated the World Bank.
The BRICS grouping’s first formal summit was held in Yekaterinburg in June 2009. Afterward, the nations
announced the need for
a new global reserve currency, which would have to be “diversified, stable and predictable.” While they did not directly address the perceived “dominance” of the
US dollar – something that
Russia has done in the past – the statement did spark a drop in the value of the dollar against other major currencies.
On Tuesday, the group’s 6th summit began in Brazil. On the agenda: the creation of a $100 billion development bank and a $100 billion dollar reserve fund, designed to boost investment in BRICS economies and reduce the power of the Western-dominated World Bank and IMF.
Thomas Wright, a fellow at Brookings’ Project on International Order and Strategy, told the
AP that the BRICS countries “want a safety net if they fall out with the West.”
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