Read the story here. Advertise at Before It's News here.
Profile image
By Anonymous (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

BRICS Bank: Broad Consensus Arrived At

% of readers think this story is Fact. Add your two cents.

China says there is broad consensus over BRICS Bank

Picture: REUTERS

BEIJING — The five Brics nations — Brazil, Russia, India, China and South Africa — have reached a broad consensus on their $100bn development bank though some differences remain, a senior Chinese diplomat said on Monday ahead of a summit in Brazil next week.

The new bank will symbolise the growing influence of emerging economies in the global financial arena long dominated by the US and Europe through the International Monetary Fund and the World Bank.

The leaders of Brazil, Russia, India, China and South Africa are expected to sign a treaty to launch the bank officially when they meet at a Brics summit in the northern Brazilian city of Fortaleza next Tuesday.

Negotiations to create the lender have dragged on for two years, with some members growing weary of China’s desire to have a bigger stake in the bank by putting in more capital.

A senior Brazilian government official said in May that the five Brics nations were likely to agree to fund the bank equally, giving them the same rights.

Briefing reporters ahead of the summit, Chinese Vice-Foreign Minister Li Baodong would not be drawn on the specifics of the share structure, but was optimistic.

“On the Brics development bank, all parties have extensive consensus on this issue. Of course there are a few differences and different viewpoints on technical issues,” he said. “We are fully confident that we can reach consensus and establish the Brics development bank at this meeting.

“On this type of technical issue, Brics members must establish consensus through friendly consultation,” Mr Li said of the bank shares issue. “There are all kinds of different considerations, but the goal is to establish the Brics bank as soon as possible.”

The bank will have to be ratified by the countries’ legislatures and could begin lending in two years, the Brazilian official said.

The new development bank would help cover growing demand for project financing that has not been entirely met by global multilateral agencies, which have been heavily criticised for meddling in the domestic policies of sovereign borrowers.

The Brics also need to decide if the bank will be based in New Delhi, Shanghai, Johannesburg or Moscow. Brazil will not offer headquarters because of upcoming presidential elections that could delay negotiations, the Brazilian official said.

Chinese President Xi Jinping will have his first meeting with new Indian Prime Minister Narendra Modi at the Brics summit, Mr Li said. But he will not attend the final of the World Cup, as Brazil had hoped.

“Based on (his) schedule he will not be able to appear at the World Cup final.”

Courtesy Reuters


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.