BRICS

Fortaleza, Brazil, Jul 15 (Prensa Latina) The presidents of the country members of BRICS (Brazil, Russia, India, China and South Africa) began here today its Sixth Summit, to design new financial structures: a Development Bank and a Reserve Fund. Shortly before beginning the meeting, Head of State Dilma Rousseff welcomed… »

The BRICS just became impossible to ignore.  At the close of the Fifth annual BRICS Summit in Durban, South Africa last week, there was little question that this group of five fast-growing economies was underwriting an overhaul of the global economic and political order. Sharmine Narwani The eThekwini Declaration issued at summit’s… »

We, the Leaders of Brazil, Russia, India, China and South Africa met on the occasion of the Fifth BRICS Summit on 27 March 2013 in eThekwini, KwaZulu-Natal. We considered that developing countries face challenges of infrastructure development due to insufficient long-term financing and foreign direct investment, especially investment in capital… »

The BRICS group of emerging economies has unveiled a new development bank, which is aimed at breaking the monopoly held by Western-backed institutions. “It’s done,” said Pravin Gordhan, South African Finance Minister, on Tuesday, adding that “we made very good progress” on the formation of a World Bank-analogue development agency. »

The countries of the BRICS group (Brazil, Russia, India, China and South Africa) are planning to create their own Development Bank at the end of March with the goal of investing in internal, sustainable infrastructure and development projects without having to resort to the US dollar. The initial capital for… »

Russia and China have drawn a great deal of censure this past year for resisting UN Security Council resolutions to intervene in the domestic affairs of Syria and Iran. Why, many ask, would this duo leverage their growing global political clout for two Mideast states that have been so actively… »