Watch Out, World Bank: Here Comes the BRICS Bank
Thursday, March 28, 2013
Leaders of the five BRICS nations plan to create a development bank in a direct challenge to the World Bank that they accuse of Western bias.
The bank would use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa but would undoubtedly be dominated by China. It would be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order.
At a summit meeting on Wednesday in Durban, South Africa, Russian President Vladimir Putin gave support for the bank but cautioned it “must work on market principles.”