BRICS plan new $50bn bank to rival World Bank and IMF — RT Business:
"The ‘big five’ of the developing world, the BRICS nations, have agreed to create their own version of the World Bank at their fifth annual summit, which kicked off Tuesday in sunny Durban, South Africa.
The five BRICS states agreed to establish the BRICS Development Bank, South African Finance Minister Pravin Gordhan said on Tuesday.
The move is linked to the developing world’s disillusionment with the status quo of world financial institutions. The World Bank and IMF continue to favor US and European presidents over BRICS nations, and in 2010, the US failed to ratify a 2010 agreement which would allow more IMF funds to be allocated to developing nations."
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"The ‘big five’ of the developing world, the BRICS nations, have agreed to create their own version of the World Bank at their fifth annual summit, which kicked off Tuesday in sunny Durban, South Africa.
The five BRICS states agreed to establish the BRICS Development Bank, South African Finance Minister Pravin Gordhan said on Tuesday.
The move is linked to the developing world’s disillusionment with the status quo of world financial institutions. The World Bank and IMF continue to favor US and European presidents over BRICS nations, and in 2010, the US failed to ratify a 2010 agreement which would allow more IMF funds to be allocated to developing nations."
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