BRICS Nations Weigh Development Funding
March 29, 2012
Leaders of the BRICS countries at New Delhi summit.
Development funding was a major topic at the BRICS Summit in New Delhi. Leaders of Brazil, Russia, India, China and South Africa moved a step closer to forming their own development bank. However, they did not indicate they wanted to replace the work being done by the World Bank.
John Kirton, head of the BRICS Research Group, said leaders sent a clear message about establishing a development bank.
“In the first instance, they said we’ll work as hard as we can to raise the resources available for the World Bank. So they put the good old World Bank first as the source of where they wanted to invest their money to do development. Then they said we’re going to give ourselves another year to design a BRICS development bank. So this is not a precipitous rush as a reaction to the fact that, well, we don’t like another American being appointed head of the World Bank,” he said.
President Obama has nominated Dartmouth College President Dr. Jim Yong Kim to be the next World Bank president.
Gaining some leverage
Kirton said, “If you look at guidelines for the design of the BRICS bank, it was clearly a BRICS bank that would lend to not just BRICS countries, but poor countries throughout Africa at least. So it is that spirit of inclusiveness.”
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