New BRICS bank will be based in China, India, to hold the presidency
New BRICS bank will be based in China, India, to hold the presidency
07/18/2014
Fortaleza Brazil. Leaders of the BRICS group of emerging countries on Tuesday set up a Shanghai-based development bank and the reserve fund is seen as counterbalancing the western financial orientation. UstanovLidery Brazil, Russia, India, China and South Africa have agreed to execute institutions to finance infrastructure projects and avert future economic crises. "These initiatives show that, despite our diversity, our countries are committed to a strong and fruitful association," Brazil's President Dilma Rousseff told the coastal city summit. avnochna-eastern Fortress.Prezident Russia, Vladimir Putin, praised the deal as "a powerful, to avoid further economic hardship." Last year for the first time introduces the five develop their plans. New Development Bank aims to compete with the Washington-based World Bank, while the reserve is considered as a "mini-IMF". BRICS leaders insisted on reforming the International Monetary Fund to give developing countries greater voice rights .
"The IMF is in urgent need to review its distribution in the voting process to reflect the undeniable weight of developing countries," said Rousseff. Development Bank will have a starting capital of $ 50 billion, which could rise to $ 100 billion, financed equally by each nation., In order to facilitate the care of any nation becoming more energy than the other, BRICS leaders agreed to place the bank's headquarters in Shanghai. The first president will be Indian, while the former chairman will come from Brazil.
Africa Regional Center will be based in South Africa. The Bank will assist emerging and developing countries to mobilize resources for infrastructure development, sustainable development projects, according to the summit declaration. Contingent Reserve agreement will be $ 100 billion at your disposal to avoid potential economic volatility Associated with the US launch of its palityku.Kitay stimulus the largest contribution is expected $ 41 billion, and then $ 18 billion. Each from Brazil, India and Russia, and $ 5 billion from the South Afryki.Samit passes as the economies of some of the BRICS countries, which together represent 40 percent of the world's population and one-fifth of the world's economy that is chilled, Russia and Brazil is expected to grow only one percent this year. Experts say the new bank and the fund will provide the backbone of a formal organization group. Negotiations in Fortaleza will open a series of marathon summits and bilateral meetings in Brazil. Chinese President Xi Jinping met on the eve of the summit with Indian Prime Minister Narendra Moji, who described his first face-to-face conversation as "a very fruitful meeting." For Putin, who visited Argentina and Cuba before arriving in Brazil, the trip gives him a chance to hammer out his calls for a "multipolar" world amid tensions with the West over the Ukraine crisis. These meetings give Putin his first international summit since being expelled from the G8 group of industrialized countries to get out of the Ukraine crisis. The United States has threatened to impose new economic sanctions against Russia on allegations that it puts pro-Moscow separatist rebels in eastern Ukraine. The BRICS Summit Declaration expressed "deep concern" about the situation in Ukraine and called for "
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