BRICS

Statement by BRICS Leaders on the establishment of the BRICS-Led Development Bank

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…

New BRICS bank to rival World Bank, IMF

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…

BRICS to create their own bank to rid themselves of the US dollar

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…

Russia and China: Arms around the Middle East

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…

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