BRASILIA: The BRICS group of emerging powers will launch its own development bank at a summit next week, using its growing influence to establish a counterweight to Western-dominated financial organisations. Fresh from the World Cup final, Brazilian President Dilma Rousseff hosts the leaders of Russia, India, China and South Africa in Fortaleza on Tuesday before an unprecedented meeting with South American leaders the next day in Brasilia. On the diplomatic front, the summit will mark the first face-to-face meeting between India’s new Hindu nationalist Prime Minister Narendra Modi with Chinese President Xi Jiping. The leaders, including South African President Jacob Zuma, will establish two new financial organisations: a development bank to fund infrastructure projects and a reserve fund to fend off currency and balance of payments crises.
Published in The Express Tribune, July 13th, 2014.
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Unexpected but pleasant surprise that all five have agreed to work together to form a bank.