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You are here » Home Page
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» Bric Development Bank
Bric Development Bank
2012-04-16
source own
The Bric's Partner Countries Brazil, Russia, India, China
and South Africa have been discussing proposals to form their own development
bank which could run on similar lines to the World Bank but under control of
the Bric's Partner Countries to help them fund projects in the other developing
nations.
The Bric's group are the world's fastest growing economies with a combined GDP
of over $ 13 Billion US Dollars and with close to 45% of the world's population
then the Bric's region carry's a lot of economic weight.
The Brics' political clout has grown with their importance to the world economy
and the latest summit declared its intention to set up a development bank to
mobilize "resources for infrastructure and sustainable development
projects in Brics and other emerging economies and developing countries, to
supplement the existing efforts of multilateral and regional financial
institutions for global growth and development".
The talk of a Bric's development bank is a further sign of the Bric countries
flexing their muscles and moving up a gear, taking more of a global leadership
role both politically and economically on the world's stage.
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