posted on Mar, 30 2012 @ 01:54 AM
Rising powers say new bank can help development
“The leaders of five of the world's fast-rising powers agreed Thursday to move toward creating a new development bank that would improve access to
capital for poor nations.”
“Accusing current international institutions of failing to lift up poor countries, the BRICS group -- Brazil, Russia, India, China and South Africa
-- asked their finance ministers to investigate setting up a development bank like the World Bank or Asian Development Bank that they would back. The
also agreed to boost business and trade in their own local currencies.”
"Institutions of global political and economic governance created more than six decades ago have not kept pace with the changing world," India's
Prime Minister Manmohan Singh told the gathering. "Developing countries need access to capital."
This is the first I have heard of this.
I wonder if this deal comes into effect, what repercussions it will have to other financial institutions or banks.
I also wonder if either the world bank or federal reserve are going to let this slide, or will it interfere with their doings?
Also, rising powers……….. America, take heed !