brics development bank
The bank is backed by Brazil, Russia, India, China and South Africa -- collectively known as BRICS countries.
But the diverse group, which has been meeting regularly since 2009, has struggled to come up with unified actions, often
The primary objectives of the NDB should be to achieve three zeros by 2050: zero poverty, zero unemployment and zero net carbon emission. I wish the NDB every success in redesigning the world to make it sustainable.
The U.S. chose a policy that could be called "integrate and insure." China was welcomed into the World Trade Organization, but the U.S.-Japan security treaty was revived to insure against China becoming a bully. If a rising China throws its weight around, it drives neighbors to seek to balance its power. In that sense, only China can contain China.
The "New Development Bank" announced in Fortaleza this week marks the launch of a collective lending platform steered exclusively by the BRICS countries. With an authorized capital of $100 billion, it could lend up to $34 billion per year. It is not an understatement to say that this is a new kind of bank for a new world order. For the first time in history, infrastructure spending consistently exceeds military expenditure.