The Promising development bank announced by Brics. Is it too early or too late?
Andrew England is reporting from Dunbar for the emergent countries decision to create a development bank that could challenge the Bretton Woods institutions. The bank could face the 4.5tn infrastructure needs estimated for the next five years and as the South African President noted the Brics representing the 20% of Global GDP and effectively restructuring the international system should have the capacity to assume their role.
As Xi Jinping China’s new president said “The potential of Brics development is infinite, but the real potential of Brics co-operation is yet to be realized.”