new development bank
The bank is backed by Brazil, Russia, India, China and South Africa -- collectively known as BRICS countries.
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.
There is still time for Greece to snatch victory from the jaws of a looming defeat. The Summer has arrived and throngs of tourists will descent upon some of the most beautiful islands in the world, providing a much needed lift to the economy.
HONG KONG -- What the world needs is a West that is prepared to learn from the rest of the world as much as it seeks to teach it. It does not need a West at odds with the rest.
For now, the BRICS Bank is a global statement certainly, and one with the ability to score each of these leaders some political capital domestically. Whether or not it crashes and burns is an entirely different conversation.
On July 19, Trade Ministers from the G20 group of countries will convene for their annual meeting in Sydney, Australia. The meetings can be used to build consensus toward positions that can be brought back to forums where decisions can be enforced, such as the WTO. And this is exactly what the US plans to do.
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.
These days are fully equipped with high level meetings on the two sides of the world.