November 28, 2012

BRICS: The World's New Banker?

Rajeev Sharma, The Diplomat

AP Photo

In setting up the development bank, the BRICS would be mounting a challenge to global institutions like the World Bank and the European Bank for Reconstruction and Development, which attach political conditions to the low-interest loans they disburse to developing countries. In contrast, the BRICS development bank is expected to offer non-conditional loans at a higher interest rate. At the same time, it has been suggested that the BRICS bank could augment the World Bank by funding projects in industries that the World Bank does not, such as biofuels, large dams and nuclear power plants, which don’t meet the World Bank’s environmental standards.

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TAGGED: South Africa, China, India, Russia, Brazil, BRIC, BRICS

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