Keyword: BRICS Bank

A New Global Development Bank in Town

Picture: BRICS heads of state and government hold hands ahead of the 2014 G-20 summit in Brisbane, Australia, courtesy Roberto Stuckert Filho/Agencia Brasil Kaja Baum - There’s a new global development bank in town. And whether it stands to threaten or bolster the long entrenched World Bank and IMF, its presence will likely change the dynamics of development financing for the world. The BRICS — a bloc of the emerging economies of Brazil, Russia, India, China, and South Africa — announced last summer that they were founding a “New Development Bank” to compete with Western-dominated financial institutions. Each country has...