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DEAL: Russia Ratifies $100bn BRICS Development Bank

21st Century Wire says…

This is a step in a series of moves that is sure to have the Anglo-American financial oligarchy worried.

Today, Russia’s government ratified its commitment to the new BRICS Development Bank. The bank will fund infrastructure development in the BRICS nations and be first global competitor capable of challenging the financial hegemony of the Western-led World Bank and IMF.

Just last week, Russia announced it was going to build an entire nuclear industry in Egypt. Meanwhile, earlier in the month Greece’s Syriza party came to power and refused to negotiate with Anglo-American IMF.

We saw the Western media attempt to portray Syriza’s Greece as a ‘hub’ for terrorists just one day after their victory. What will be the West’s response to a real and legitimate challenge to their global financial hegemony?

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Russia ratifies $100bn BRICS New Development Bank

RT Business

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.

The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.

Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.

It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.

Continue reading the full story on RT




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