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Exclusive: BRICS Bank likely to operate from 2015
June 21, 2013, 11:13 am

The establishment of the BRICS Development Bank is high on the agenda at the forum in Russia [TBP]

The establishment of the BRICS Development Bank is high on the agenda at the forum in Russia [TBP]

The BRICS partnership has been in focus during the first two days of the St Petersburg International Economic Forum 2013, which discussed the potential and limitations of the emerging economic bloc.

The establishment of the BRICS Development Bank was high on the agenda.

Russia’s deputy finance minister Sergei Storchak said the Bank may start operating as early as 2015.

“We are at the very beginning, but 2015 sounds feasible. By this time we will agree on the principal capital and the amount each country will contribute to the bank,” Storchk said.

It is not clear yet, whether the bank will be financing investment projects in the five BRICS states or whether it will expand to other emerging markets.

Storchak added that the experience of the post-WW2 period and Bretton Woods will be helpful for the BRICS states while elaborating the grounds for the bank.

In an exclusive interview to The BRICS Post, the deputy finance minister said there is hard work ahead as only a political decision has been made so far.

“What is done is the political decision taken by the leaders that the creation of the bank is viable and reliable. That’s the only sign that we have at this stage. We will have to discuss lots of different things starting from the level of capital.” Storchak told The BRICS Post.

He also said the G20 summit in St Petersburg this September will see the BRICS leaders meeting and they will be updated on the status of the work till now.

Kirill Dmitirev, the head of the Russian Direct Investment Fund says the BRICS Bank is likely to deal with two primary trajectories – infrastructure and projects of high synergy effect.

He said the world will witness investments in infrastructure worth at least $60 trillion by 2030, which is 60 per cent more than the $36 trillion spent over the past 18 years.

Regarding the synergetic projects, Dmitriev cited the volume of Russia-India investment and said “it’s small, but the synergetic effect is very large.”

The establishment of the BRICS development Bank is largely seen as the first significant step of the bloc of five.

Significantly, the SPIEF panel concluded that the next step on the BRICS agenda should be to reduce dependence on the dollar and the euro in mutual trade.

By Daria Chernyshova in St Petersburg, Russia for The BRICS Post

One Response to Exclusive: BRICS Bank likely to operate from 2015

  1. daddy warbucks Reply

    June 23, 2013 at 1:50 pm

    Unless the BRICS get an understanding of the insidious UN and all of it’s countless (and growing) expensive, none revenue producing. tax free salaried workers and growing list of pension recipients and their not subject to the laws of any country it slithers into, then your just sliding faster and further down the Rothschild/Rockefeller NWO monarchy controlled by “the supranational sovereignty of the intellectual elites and world bankers”

    UN and League of Nations, both expensive failures

    “… an initial offer to locate it (the UN) on the Rockefeller family estate of Kykuit was rejected as being too isolated from Manhattan.” – Wikipedia

    A behemoth,tax? eating,authoritative,supra-nat­­ionally sovereign,un-elected, bloated? ‘world regulating’, bankster infested, pushing Agenda 21, pushing carbon taxes,water,land control,vaccines,’their’ world core curriculum, anti-gun rights, banker debt &austerity forced on you.

    The IMF (that pays no tax and is not subject to the laws of any country) is enriching itself on the backs of citizens savings and taxes.

    The IMF’s Gold Gambit –
    WSJ, By JUDY SHELTON ,April 28, 2009
    The fund’s misuse of bullion reserves is crucial to its plan to use the financial crisis to expand its power.

    “While IMF officials insinuate the receipts would be used to help poor countries, the real goal is to set up a permanent endowment fund for the IMF.”

    “… Congress should call for the IMF’s dismantlement and restitution of its assets.”

    Remember this?

    “In fact, her IMF salary of $467,940 plus an $83,760 additional allowance is not subject to any taxes. See Christine Lagarde, Scourge of Tax Evaders, Pays No Tax. No taxes is the norm for most United Nations employees …

    IMF, vaffanculo !

    … The IMF is the third biggest holder of gold (yep) after? the USA and Germany (from who did they get it?)

    How many thousands of UN employees that never paid any tax are now collecting pensions? Envision claw back along with “…dismantlement and restitution of its assets.”

    The UN Human Rights Council, IMF, World Bank & International Court of ‘Just -us’
    are all different heads of the same UN beast – the other giant (behemoth) vampire squid: The UN.
    Do you think the UN is there for you? They’re pushing Agenda 21, their ‘World Core Curriculum’, ‘world’ carbon taxes and a ‘world’ gun treaty (to dis-arm citizens only), do you think they will tell you the truth about AGW?

    …costing the world citizens dearly in taxes, their country’s assets, sovereignty and freedoms -the UN & it’s countless agencies.

    Who controls the International Court of Justice (ICJ)? >The UN (who controls the UN? Rockefeller and Rothschilds?):

    “Established in 1945 by the UN Charter”
    “… Accordingly, the Court (which is part of the UN) has come to the conclusion that the Organization (the UN) is an international person.
    … That is not the same thing as saying that it is a State, which it certainly is not, or that its legal personality & rights & duties are the same as those of a State … What it does mean is that it is a subject of international law (which the UN itself deems) & capable of possessing international rights & duties (which the UN itself deems), & that it has capacity to maintain its rights by bringing international claims (which the UN itself deems).” -Wikipedia (italics excluded)

    …got that?

    Now consider that the UN, it’s agencies & it’s employees pay no tax & is not subject to the laws of the country in which it operates … sweet deal for this increasingly authoritative “international person” that makes it’s own laws. Since this ‘person’ produces nothing & contributes no revenues, the world citizens must fund & support this ‘person’ that has supranational sovereignty over all countries.

    Since 1945 the UN is:
    … responsible for the maintenance of international peace and security.
    … responsible for cooperation between states on economic and social fields (raising the general standard of living, solve economic, social and health problems, promotion of human rights, culture and education, as well as humanitarian aid).

    … how’s that working out?

    As global events spiral into chaos, austerity, poverty & debt, the world bankers are getting ever wealthier and ever more powerful ….

    evidently the UN, it’s agencies, councils & court is a complete & utter failure & massive waste of the world’s wealth -or is it really a tool of the Rockefellers,? Rothschilds dynastic families & world bankers for world domination & the NWO controlled by themselves.

    How many UN ‘agencies’ enjoy immunity from law and don’t pay any tax? WHY, anything to do with “supranational sovereignty of the intellectual elite and world bankers” speech by David Rockfeller?

    Envision dismantlement and restitution of UN assets and claw back UN pensions.

    Including the UN’s ‘World Tourist Agency’ and UNU-IPS.

    UN and League of Nations, both expensive failures

    A monarchy is that which calls itself a monarchy.

    (Only if the people are dumb enough to allow it).

    The UN is not there for you, think the ICJ, IMF or World Bank is?

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