BRICS bank, others result of failure of IMF reform:

[Sir X]

WASHINGTON: The US has acknowledged that the creation of new multilateral financial institutions like BRICS bank is a result of the failure of reform of the International Monetary Fund (IMF), where emerging economies like India, China and Brazil have negligible voice.

Because of the veto power of the US, the reforms of the IMF decided way back in 2010 to reflect the growing importance of major emerging markets in the global economy have not taken place, Nathan Sheets, the Under Secre ..

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[Sir X]

In 2013, a McKinsey Global Institute report found that "globally, $57-trillion in new infrastructure investment would be required in the period up to 2030, simply to keep up with projected GDP growth. This estimate suggests a requirement of $3.2-trillion investment a year". When assessed against current infrastructure spending by all the multilateral development banks combined, this leaves a huge financing gap. The New Development Bank and other new institutions such as the Asia Infrastructure Investment Bank are contributing to closing this funding gap. As opposed to being competitors or rivals, the World Bank and others are viewed as partners in development.


http://www.bdlive.co.za/opinion/2015...ure-investment