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7/26/2014

Topic Reading-Vol.836 7/26/2014

Dear MEL School’s Topic Readers,
BRICS nations to create $100bn development bank
Is this attempt a complement to or competition against developed countries by developing powers?
There are numbers of world or regional institutions that deal with financial problems and promote economic and social progress such as the World Bank, International Monetary Fund or Asian Development Bank. They are mostly initiated, funded and run by developed western countries.
Now developing giants such as China, Russia, Brazil and South Africa have formed a new institution that aims to function as emergency reserve fund and development bank for developing countries. It seems that these five countries want to have more influence and say to the world through such fund by sifting the dependency on western countries to theirs.
Enjoy reading and learning about this new historical initiative by five most developing countries in the rest of the western world.
http://www.bbc.com/news/business-28317555

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