BRICS nations agree to create own development bank

The leaders of five emerging market powers said at a summit Tuesday that they gave final agreement to creating their own development bank worth $100 billion that will have its headquarters in China.

FORTALEZA, Brazil — The leaders of five emerging market powers said at a summit Tuesday that they gave final agreement to creating their own development bank worth $100 billion that will have its headquarters in China.

The first president of the New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa — the so-called BRICS nations, a joint statement from the leaders said.

BRICS leaders conferred in a closed session earlier in the day at their conference in northeastern Brazil, then announced concrete plans for the bank at an afternoon session open to the press.

The new bank is seen as a strong push by the BRICS against the World Bank and the International Monetary Fund, which the developing world has long complained it far too U.S.- and European-centric.

“Based on sound banking principles, the NDB will strengthen the co-operation among our countries and will supplement the efforts of multilateral and regional financial institutions for global development,” the statement said.

Russian Foreign Minister Sergey Lavrov told the Russian news agency ITAR-Tass that the decision “confirmed that BRICS members, while speaking against unilateral actions in the world economy and politics, are not seeking confrontation but propose working out collective approaches toward the resolution of any problems.”

The New Development Bank will have an African regional branch in South Africa and eventually other nations would be able to participate.

The statement also alluded to Brazil’s and India’s longstanding quest to overhaul the United Nations Security Council, of which China and Russia are two of five permanent members with veto power.

Those nations have in the past proved reluctant to endorse Brazil’s and India’s ambitions, but Tuesday’s statement said the BRICS nations “support their aspiration to play a greater role in the U.N.”

Just Posted

Red Deer officials will allow Calgary to trial alcohol in parks

The result could determine if local rules are relaxed

RDSO plays ‘rousing’ Scottish tunes to celebrate Robbie Burns Day

Violinist Kai Gleusteen will solo at the Jan. 26 show at RDC Arts Centre

Updated: Sylvan Lake council adopts waterfront plan

Sustainable Waterfront Area Redevelopment Plan to guide development for next 20 years

Driver who backed into Red Deer pizzeria sentenced

David Andrew Amstutz sentenced for failing to remain at the crash scene

Shaw getting ready to raise prices for its main residential service, CEO says

CALGARY — Residential customers of Shaw Communications Inc. will likely see a… Continue reading

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Company issues lifetime ban after man jumps from cruise ship

Nick Naydev posted the video last week showing him standing on the balcony of the Symphony of the Seas

Unruly passenger forces B.C.-bound flight to divert to Calgary

Police say charges are pending against a woman in her 40s

Inflation rises as higher airfares, veggie prices offset cheaper gas

Statistics Canada says inflation accelerated to two per cent in December

Canadian tattoo artist inks Toronto skyline on Blue Jays pitcher Stroman

Marcus Stroman found a way to show his appreciation for Toronto when… Continue reading

Team World sweeps opening day against Team North America at Continental Cup

LAS VEGAS — Team North America has some serious ground to make… Continue reading

SXSW to screen ‘Run This Town,’ which includes Rob Ford character

TORONTO — A drama that features a portrayal of the late Toronto… Continue reading

Fans buy ‘Little House on the Prairie’ star’s memorabilia

GENOA TOWNSHIP, Mich. — More than 200 items belonging to “Little House… Continue reading

Most Read