Dear MEL School’s
Topic Readers,
BRICS nations to
create $100bn development bank
Is this attempt a
complement to or competition against developed countries by developing powers?
There are numbers
of world or regional institutions that deal with financial problems and promote
economic and social progress such as the World Bank, International Monetary Fund
or Asian Development Bank. They are mostly initiated, funded and run by
developed western countries.
Now developing
giants such as China, Russia, Brazil and South Africa have formed a new institution
that aims to function as emergency reserve fund and development bank for
developing countries. It seems that these five countries want to have more
influence and say to the world through such fund by sifting the dependency on
western countries to theirs.
Enjoy reading and
learning about this new historical initiative by five most developing countries
in the rest of the western world.
http://www.bbc.com/news/business-28317555
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