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Wednesday, August 23, 2017

New Development Bank plan awaits Russia's OK

The Eurasian Development Bank (EDB) said on Wednesday that an agreement on the creation of the New Development Bank (NDB) is closer to being ratified, as a draft law works its way through the Russian Parliament.

The NDB would be operated by the BRICS countries -- Brazil, Russia, India, China and South Africa -- and act as an alternative to the World Bank and International Monetary Fund, which detractors consider to be controlled by U.S. interests.

"The agreement envisages the creation of a multi-lateral financial institution -- the New Development Bank that will finance infrastructure projects and projects of sustainable development in BRICS countries and developing countries," representatives from the BRICS coalition said.

The agreement was originally signed by heads of the respective BRICS countries in July 2014 during a summit of emerging national economies held in Fortaleza, Brazil. The bank would be based in Shanghai and will start out with $100 billion in capital. The EDB also said the NDB will be open to United Nations members.

Organizations in this story

Eurasian Development Bank 220 Dostyk ave., Almaty, 050051, Republic of Kazakhstan

International Monetary Fund 700 19th Street, N.W., Washington, D.C. - 20431

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