Arab Today, arab today brics to launch bank tighten latin america ties
Last Updated : GMT 05:03:48
Arab Today, arab today
Arab Today, arab today

BRICS to launch bank, tighten Latin America ties

Arab Today, arab today

Arab Today, arab today BRICS to launch bank, tighten Latin America ties

Russian President Putin and his Cuban counterpart Raul Castro
Brasilia - XINHIUA

The BRICS group of emerging powers will launch its own development bank at a summit next week, using its growing influence to establish a counterweight to Western-dominated financial organizations.
Fresh from the World Cup final, Brazilian President Dilma Rousseff hosts the leaders of Russia, India, China and South Africa in Fortaleza on Tuesday before an unprecedented meeting with South American leaders the next day in Brasilia.
On the diplomatic front, the summit will mark the first face-to-face meeting between India's new Hindu nationalist Prime Minister Narendra Modi with Chinese President Xi Jiping.
For Russian President Vladimir Putin, who traveled to Cuba this week, the trip comes amid newly frayed relations with the West over the crisis in Ukraine.
The leaders, including South African President Jacob Zuma, will establish two new financial organizations: a development bank to fund infrastructure projects and a reserve fund to fend off currency and balance of payments crises.
The BRICS are "countries with enormous potential that can gain many benefits for themselves but also for a new economic and international political order," said senior Brazilian foreign ministry official Jose Alfredo Graca Lima.
Graca Lima said the bank and the reserve would "complement" the Washington-based World Bank and International Monetary Fund.
The bank will have capital of $50 billion with each country contributing $10 billion, while the reserve, which has been described as a "mini-IMF," will have $100 billion at its disposal, Graca Lima told reporters.
For the fund, China will make the biggest contribution, $41 billion, followed by $18 billion from Brazil, India and Russia and $5 billion from South Africa.
- Opposed interests -
"The BRICS want to create alternatives, a type of global monetary policy more in tune with the realities of emerging countries," Andre Perfeito, chief economist at Gradual Investimentos consultancy, told AFP.
Despite their agreement on the need for a bank, the five countries are split on where it should be headquartered.
Graca Lima said Shanghai was the frontrunner to host the bank but South Africa's Trade and Industry Minister Rob Davies said Johannesburg was still in the running. New Delhi and Moscow are the other candidates.
The five nations are also negotiating who should hold the bank's rotating presidency first. And the membership of the board of directors has yet to be decided.
The BRICS were created after economist Jim O'Neill used the acronym in 2001 to describe the growing powers. They are now seeking to break the European, US and Japanese domination of financial institutions.
"The BRICS unite a group of nations with different, even opposed, interests," said Oliver Stuenkel, author of "BRICS and the Future of Global Order" and professor at the Getulio Vargas Foundation.
But they have given developing nations the ability to use a "platform" strong enough to challenge world order, he said.
- Marathon summits -
The talks in Fortaleza will open a series of marathon summits and bilateral meetings that will bring the BRICS group to Latin America.
After the BRICS meet with South American presidents in Brasilia on Wednesday, Xi will launch the China-Latin America forum, highlighting Beijing's growing interests in a region historically tied economically to the United States.
Xi will then travel to Argentina, Venezuela and Cuba.
Before the summit, Putin will be in Rio de Janeiro on Sunday to attend the World Cup's Argentina-Germany final at the Maracana Stadium. Russia is hosting the next tournament in 2018.
There, Putin will hold talks with German Chancellor Angela Merkel.
The summits come as the economies of some BRICS countries, which together represent 18 percent of the world economy, are cooling down. Russia and Brazil are expected to see growth of just one percent this year.
"They may not be the stars that they once were," Perfeito said. "But the BRICS have two important things: They are organized and large economies."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brics to launch bank tighten latin america ties Arab Today, arab today brics to launch bank tighten latin america ties

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brics to launch bank tighten latin america ties Arab Today, arab today brics to launch bank tighten latin america ties

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 35 Egyptian police, troops die in clashes

GMT 04:36 2017 Saturday ,21 October

35 Egyptian police, troops die in clashes
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday