July 15, 2014 BRICS establish $100bn bank and currency reserves to cut out Western dominance
July 15, 2014 BRICS establish $100bn bank to cut out Western dominance
The emerging economies signed a long-anticipated document to create a $100 billion BRICS Development Bank. The institution will counter the influence of Western lending firms as well as the dollar.
The new bank will provide money for infrastructure and development projects in BRICS countries. Each country will send either their finance minister or Central Bank chair to the bank's board.
Leaders from the five nations - Russia's President Vladimir Putin, Brazil's Dilma Rousseff, China's Xi Jinping, India's Narenda Modi, and South Africa's Jacob Zuma, gathered in Brasilia, Brazil. The meeting is the first BRICS summit for India's newly elected PM Modi, and the 6th overall.
This has all been created by design. They have created a new common bank to counter the World Bank and the FMI actions. FMI is French for Fonds Monétaire International. It is also IMF - International Monetary Fund when the letters are reversed.