Impact of the New Brics Bank

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Ali Bursk Guven writes:  The top news from this year’s BRICS summit was the announcement of a New Development Bank.  Headquartered in Shanghai, the bank will become operational in 2016 with an initial capital of US$50 billion. Its core mandate is to finance infrastructure projects in the developing world.

The bank, announced at the summit in Fortaleza, Brazil, will also have a monetary twin to provide short-term emergency loans, the Contingency Reserve Arrangement. While the bank will be open to all UN members, the reserve will lend only to the contributing BRICS countries in times of crisis.  Impact of the New Brics Bank

Brics New Bank

 

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