​Brave new BRICS a challenge to international system

[Sir X]

Africa counting on the Brics

The Brics development bank can release Africa from World Bank tyranny
Africa desperately needs reliable and cheaper long-term development finance. The Brics leaders may well have found the answer
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William Gumede
William Gumede
theguardian.com, Thursday 17 July 2014 07.59 EDT
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The Brics country leaders
'The Brics bank could also be a vital source of finance for infrastructure that Africa so desperately needs.' Photograph: Lan Hongguang/Xinhua Press/Corbis
The leaders of the Brics countries – Brazil, Russia, India, China and South Africa – have signed a treaty in the Brazilian city of Fortaleza to launch a Brics development bank.

The bank will rival the US- and European-led World Bank and its private lending affiliate, the International Finance Corporation, which have dominated development finance since the second world war. The Brics bank is positioned as a financial institution that will provide developing countries with alternative funding minus the punishing strings attached to World Bank lending, which strip recipient countries of the power to make their own policies. It also promises to make lending processes for developing countries faster, simpler and cheaper.

http://www.bbc.co.uk/programmes/p022jpb2

[Sir X]

The BRICS Don’t Like the Dollar-Dominated World Economy, but They’re Stuck With It
Michael Schuman @MichaelSchuman 1:31 AM ET
World For Money
Thomas Trutschel—Photothek/Getty Images
The latest summit of the world’s leading emerging markets took more steps toward replacing the U.S.-led global financial system. But change will come very, very slowly

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by Taboola
When the BRICS get together for their annual summit — as they did last week in Brazil — they always make a lot of noise about changing the way the global economy works. They have good reason to be frustrated. The BRICS (Brazil, Russia, India, China and South Africa) are gaining in economic power and crave the political clout to match, but standing in the way is a global financial system organized by the West and dominated by the U.S. They’re forced to conduct their international business in the unstable U.S. dollar, making their economies swing back and forth with the winds of policy crafted in Washington, D.C., and New York City. The West has ceded influence in institutions like the World Bank and the International Monetary Fund (IMF) only grudgingly. To them, today’s financial system is out of touch with the changing times, and ill-suited to support the world’s up-and-coming economic titans.

http://time.com/3010636/brics-us-dol...e-arrangement/

Brics: SA hosts key centre for New Development Bank
16 JUL 2014 00:00 LISA STEYN


The headquarters of the bloc’s new bank will be in China, but South Africa will host the institution’s main centre for its affairs on the continent.
Left to right: Russia's Vladimir Putin, India's Narendra Modi, Brazil's Dilma Rousseff, China's Xi Jinping and President Jacob Zuma at the VI Brics Summit. (Reuters)
South Africa may have lost out to China in its bid to host the Brics New Development Bank headquarters but, quite unexpectedly, Africa’s most developed economy will be home to the institution’s regional centre for the whole of the continent.

The world’s largest emerging economies – Brazil, Russia, India, China and South Africa, dubbed Brics – have put their money where their mouths are by signing an accord to push ahead with a $50-billion development bank, as announced following the sixth Brics Summit, which ended in Fortaleza, Brazil, on Wednesday.

In a declaration released by the Brics nations on Tuesday, the group announced they had signed an agreement establishing the New Development Bank “with the purpose of mobilising resources for infrastructure and sustainable development projects in Brics and other emerging and developing economies”.

The bank will have an initial authorised capital of $100-billion and an initial subscribed capital of $50-billion, which will be equally shared among founding members.

http://mg.co.za/article/2014-07-16-b...velopment-bank

[Sir X]

Jamaica needs Ambassadors Brazil we have them in all of the key Bric nation except Brazil, strange considering our relationship.


http://www.projectvisa.com/embassyli...countrycode=jm



Lebannon and Malaysia ?