BRICS

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… »