BRICS summit to explore creation of “World Bank” like bank for southern hemisphere

March 29, 2012 by · 1 Comment
Filed under: Global News 

The is an ambitious project for the BRIC countries that is made up of: Brazil, Russia, India, China and South Africa.  They do not discount the efforts and helpfulness of the current World Bank that was setup by the U.S. and allies to help give assistance to lower developed countries that historically have had a very difficult time securing financing for development and infrastructure project that tend to create jobs and higher standards of living for the local population.

In the article, it is cited that the demand for these services are much more great that the availability of funding, this is what is driving the BRICS to formally starting discussing the formation of this bank based on the “World Bank” model.  As long as the assistance is given at rates that can be paid back so these nations come out in better shape than before.

Al-Jazeera – The proposal of a development bank is high on the agenda at the summit of the five BRICS bloc nations – Brazil, Russia, India, China and South Africa – starting on Thursday in New Delhi.

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