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BRICS Nations Seek To Unseat Western-dominated World Bank
by Joseph Earnest July 4, 2014
Newscast Media MOSCOW—Russian President Vladimir Putin plans to visit Cuba, Argentina and Brazil later this month, the Kremlin press service said in a statement Friday. The president is to visit Latin America and attend a summit of the BRICS group of five major emerging economies (Brazil, Russia, India, China, and South Africa) on July 11-16.
"On the sidelines of the BRICS summit, Putin is scheduled to meet with leaders of China, India and South Africa, as well as with a number of Latin American leaders," the Kremlin said.
The sixth BRICS summit is due to be held in northeastern Brazil's Fortaleza on July 15. Argentina is to participate in the summit at Russia's invitation. At the meeting, the BRICS countries plan to discuss the possible admission of Argentina as the sixth member country.
Brazil, Russia, India, China and South Africa are currently working on setting up a BRICS development bank as an alternative to the Western-dominated World Bank and the International Monetary Fund. The idea was proposed by India at a 2012 meeting of the organization’s finance ministers in Mexico.
The five BRICS countries represent almost three billion people, with a combined nominal GDP of $16 trillion and an estimated $4 trillion in combined foreign reserves. Add Comments>>
Source: Ria Novosti
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