SUMMIT
The
BRICS
bank –
do we need
another
development
bank?
‘Emboldened by the growing shift
in the balance of economic power
between developed and emerging
economies, BRICS member
countries are pushing ahead for
the establishment of their own
development bank.
E
ncouraged by the growing shift in the balance of
economic power between developed and emerging
economies, BRICS member countries are pushing
ahead for the establishment of their own development
bank. This is in addition to a planned bailout fund the
bloc is considering, which would be supported by foreign reserves
of what some estimate are up to US$4-trillion. BRICS members are
Brazil, Russia, India, China and South Africa.
14
BANKER SA
Edition 5