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BRICS announces the creation of its new development bank
Posted On 15 Jul 2014
Photo: REUTERS / Nacho Doce
BRICS member countries signed the agreement for the creation of a new Development Bank, during the first day of its sixth summit.
The new financial institution will significantly strengthen the global financial system at a time when the IMF reform is stagnant.
Likewise, the creation of the Development Bank of BRICS countries will allow its members to be more independent from the financial policy of the Western countries, declared the Russian President Vladimir Putin at the meeting.
Meanwhile, the President of Brazil Dilma Rousseff, urged not to consider the actions of the BRICS as a desire to dominate. “We advocate for justice and equal rights,” she reiterated.
The bank will be characterized by an equal distribution of capital shares and rights management. It is expected that its venue is located in Shanghai (China).
