– China ratifies the creation of BRICS bank (RT, July 1, 2015):
The Chinese Parliament has ratified the creation of the BRICS Development Bank. The New Development Bank was conceived as an alternative to Western financial institutions such as the World Bank.
The new bank will provide money for infrastructure and development projects in BRICS countries, that is Brazil, Russia, India, China and South Africa. Each nation will have an equal say in the bank’s management, regardless of GDP size.
Each BRICS member is expected to contribute an equal share in establishing a startup capital of $50 billion, with a goal of reaching $100 billion in capitalization. The BRICS bank will be headquartered in Shanghai, with India presiding as president during the first year, and Russia serving as the chairman of the representatives. Continue reading »