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More members to join BRICS Bank: Russia
April 3, 2015, 1:15 pm

Russian President Vladimir Putin (left) with his South African counterpart Jacob Zuma and Chinese President Xi Jinping (right) at the 5th BRICS Summit on 27 March 2013 in Durban, South Africa [PPIO]

Russian President Vladimir Putin (left) with his South African counterpart Jacob Zuma and Chinese President Xi Jinping (right) at the 5th BRICS Summit on 27 March 2013 in Durban, South Africa [PPIO]

Russian BRICS sherpa Vadim Lukov on Friday said the name of the $100 billion BRICS Bank was finally changed to New Development Bank as the five founding members will be joined by other countries in the future.

Lukov was speaking to journalists in Moscow on Friday, in a briefing ahead of the 7th BRICS Summit on July 8-9 in the Russian city of Ufa, which will be attended by the heads of the five countries- Brazil, Russia, India, China, South Africa.

After US allies from the EU and Asia lined up to join the China-led Asian Infrastructure Investment Bank (AIIB), Moscow and Beijing are upbeat about the expansion of the BRICS Bank as well.

Underscoring the draw of closer economic ties with Beijing, UK, France, Germany, Italy, Australia, South Korea are among the many nations that have signed up to be founding members of the AIIB.

Meanwhile, while assuming the annual presidency of the BRICS on Wednesday, Russian President Vladimir Putin said BRICS have already proved their effectiveness on the world stage despite being a relatively “young” organization.

“BRICS are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multi-polar world order and developing modern models for the world’s financial and trading systems,” Putin said.

Shanghai will host the headquarters of the $100 billion BRICS Bank. Russian Finance Minister Anton Siluanov will likely head up the board of governors at the New Development Bank.

South African Trade and Industry Rob Davies said last year that the Bank’s capital might not be held in US dollars.

“We want to move away from the same old, same old way of doing things. What currencies the capital will be held in is something that will be part of the Sherpa process with the pace set by Brazil, but we expect substantive progress by the time of the next BRICS summit in Russia,” he said.

The BRICS countries make up about 40 per cent of the world’s population and a combined economy of about $16 trillion.



 TBP and Agencies

10 Responses to More members to join BRICS Bank: Russia

  1. Robert Pearce Reply

    April 3, 2015 at 1:54 pm

    This structure had to happen and i personally feel that this will bring ALL the Nations to a level of prosperty.????

    • wes caldwell Reply

      April 3, 2015 at 4:32 pm

      I like what Putin said:
      “…shaping a multi-polar world order and developing modern models for the world’s financial and trading systems,” Putin said.

      This is a politically correct statement of course, but we all know what he is really saying : the current models of our financial system are old,unfair and controlled by a single world order. In 2008 they fucked up…and now its time for reform.

  2. Mike Hutchinson Reply

    April 4, 2015 at 9:08 pm

    “BRICS Countries make up 40 % World Population” ????? You’ve got CHINA, Russia INDIA and Brazil, maybe THEN it was 40 %, must be way way over that now with almost every major country signed on.

  3. Mohammad Akmal Reply

    April 5, 2015 at 6:52 pm

    With 40% of the world population the financial order of the area may bring drastic changes, in the live of common people. This step needed to be taken earlier, anyhow its the proof that Asia Leaders have potential to re-aligned the current financial order of the world headed by WB and IMF.

  4. kimaro abedi Reply

    April 7, 2015 at 6:04 am

    what real we need now in this world is the balance of power.A single domination is enough,for sure i don’t see the bright in future in this world under single domination.Leaders in various countries has been assassinated with no congruent reason,wars is now every corner in this world and the initiatives are the westerns because of trying to steal wealth from other countries.NOW ENOUGH IS ENOUGH.

  5. L. Kanitz Reply

    April 8, 2015 at 1:58 am

    That is great that more countries are joining. Speaking as an American, it is time for the U.S.A. to join, and commit to an outlook that the benefit of the other is in our own best interest. That would do more to stop ISIS than the war on everyone. We just need to be driven by the same outlook of uplifting and developing the people as our greatest resource, and we can conquer real problems, such as the western drought with NAWAPA, energy needs with modern nuclear power & fusion development, etc.

    • Ephemeral.code Reply

      July 21, 2015 at 7:07 pm

      The very reason BRICS was formed and willing to accept other countries to join is to counter USA. For almost seventy years, the United States dollar has been the reserve currency for the globe. Since World War II, more than 70% of all foreign exchange transactions and 40% of all world exports have been denominated in dollars.

      Today, the dollar is worth only a tiny fraction of what it was worth when the currency was backed by gold. The dollar’s loss of value can be measured by gold:

      1971: $1 = 1/35th of a 1 oz gold coin
      2014: $1 = 1/1,265th of a 1 oz gold coin

      Dollar debasement has defrauded individual Americans and America’s creditors. Yet, the dollar has maintained global supremacy because of its oil backing. Although most OPEC oil is still transacted in dollars, dozens of oil-producing countries have attempted to replace the dollar with gold and other currencies. Global dollar dominance has depended on the U. S. military to defend the status of the petro (petroleum) dollar. The very WAR’s America is engaged in ME and Africa is to restore and defend its domination on petro dollar deals not to fight terrorism.

      Many countries like IRAN, Russia, China, India, Brazil, SA, Angola, Libya, Sudan, Syria, Nigeria are engaged in Non Dollar Deals. Japan and China are phasing out of dollars in their bilateral trades.
      United Kingdom: China’s Foreign Exchange Trade System announced (June 19, 2014) a bilateral agreement between the U.K. and China for direct renminbi / pound trade – with no dollar intermediary.

      It wont be long when EU countries and MEast countries joins BRICS if America doesn’t wage war on them. But its bound to happen. That’s the only way USA can contain “rogue” nations so the Petr-dollar system can be prolonged.

      As far as USA and its puppets willing to join BRICS, their only intent to join is to break BRICS from within.

      BRICS is better off without USA. Thank You and Good Luck with your future wars through out Middle East and Africa.

      • Mr. Goodman Reply

        August 26, 2015 at 5:41 am

        Awesome truth, thank u.

  6. Jucy Reply

    June 13, 2016 at 4:47 pm

    I think it’s a great. this is why SADAM and KADAFFI we’re murdered as well as millions of others, woman and children it was never about bringing peace and democracy anywhere it was about keeping the rest of the world in a choke hold for their failing economy they can’t even balance a cheque book!!!

  7. Nikolai Sovensky Reply

    May 24, 2018 at 7:36 pm

    I think that if more members join BRICS the economy will become more and more great soon enough rising over the U.S

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