Saturday, June 20, 2015

BRICS Bank Official: NDB Could Cooperate with The World Bank

Now that the BRICS Development Bank is closer to becoming a reality with actual operations, we see yet another official contradicting the idea that the BRICS intend to overthrow the existing western led global financial institutions. This time its the newly appointed Vice President of the BRICS Bank from Brazil. Below are some quotes from a BRICSPOST article on this.


"Ahead of the 7th BRICS Summit in the Russian city of Ufa, a newly appointed BRICS Bank official has toned down the ‘anti-west rhetoric around the bloc’s new financial instruments.
Reiterating the views of BRICS officials, Brazilian Vice President of the BRICS Bank, Paulo Nogueira Batista Junior has said the new lender would not lock horns with the World Bank or the ADB.
He also proposed that the BRICS Bank could have formal interactions with these western institutions if the interests of the BRICS countries are protected.
The new institutions established by the BRICS countries are open to cooperation and even joint actions with the existing organizations on the condition that it will meet their interests. It seems quite real to me, that in the very near future, the New Development Bank can establish even the formal mechanisms of interaction with the World Bank, the Asian Bank, the Brazilian Development Bank,” Batista said in an interview to Russian state agencySputnik in Rio de Janeiro.
The first meeting of the bank’s board of governors will be in early July during the BRICS summit in Russia, at which it will formally appoint its president and vice-presidents.
Batista, who represents Brazil and ten other developing economies at the IMF, will take charge in Shanghai where the new lender will base its headquarters."

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