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Russia Says BRICS Development Bank Ready to Launch

Published: July 10, 2014 (Issue # 1819)



  • Leaders of the BRICS nations will launch their long-awaited development bank at a summit next week.
    Photo: Kremlin.ru

Leaders of the BRICS nations will launch their long-awaited development bank at a summit next week and decide whether the headquarters should be in Shanghai or New Delhi, Russian Finance Minister Anton Siluanov said Wednesday.

The creation by Brazil, Russia, India, China and South Africa of a $100 billion bank to finance infrastructure projects has been slow in coming, with disagreements over its funding, management and headquarters.

"The [headquarters] issue will be decided on the level of the heads of the countries," Siluanov told journalists, adding that the choice is between China's Shanghai and India's New Delhi. BRICS leaders will meet July 15-16 in the Brazilian coastal city of Fortaleza.

The launch of the bank will be the group's first major achievement after struggling to take coordinated action following an exodus of capital from emerging markets last year, triggered by the scaling back of U.S. monetary stimulus.

The new bank will symbolize the growing influence of the BRICS, something that Russia has hoped for after the West imposed sanctions on Moscow in the spring for annexing part of Ukraine and its continued involvement in the country's crisis.

Capitalization of the new bank has been a major sticking point, but Siluanov confirmed that the funding would be divided equally, with an initial total of $10 billion in cash over seven years and $40 billion in guarantees.

The $50 billion will be eventually built up to $100 billion, and the bank will be able to start lending in 2016, he said.

The bank was first proposed in 2012. The proposal was approved last year at a BRICS summit in South Africa but failed to be launched during the meeting in Russia last autumn of the Group of 20 developed and developing nations.

The bank will be open to other countries that are United Nations members, but the BRICS share is never to decline below 55 percent, Siluanov said.

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ALL ABOUT TOWN

Sunday, Jan. 25


Get out your running shoes for the 46th International Road of Life Marathon. Dedicated to the end of the blockade, three runs are offered — 5, 21 and 42 kilometer runs — starting in different places outside the city. Busses leave from 13/1 Arsenalnaya Naberezhny at 8 a.m. but check complete details and registration fees on www.newrunners.ru/race/doroga-zhizni-2015



If you are planning a wedding, head over to the Azimut Hotel, 43/1 Lermontovsky Prospekt from 11 a.m. to 6 p.m. The day includes live music, free dance classes and vendors selling wedding dresses, accessories, cakes and services to help make your special day perfect. Admission is free.



Monday, Jan. 26


Feeling stressed by the crisis? The Northwest Coach University at 3 Ulitsa Vostsstanaya is hosting a master class by lifecoach Tatiana Almazova. She will shed light on the coaching process, the usefulness of coaching during times of economic downturn and how coaching can improve your career and business prospects. The event starts at 7 p.m. and admission is free. Pre-register by calling 424 3700.



Discover the State Hermitage Museum's collection of English painting at a lecture by art historian Yelizaveta Renne at the Prince Galitzine Library, 46 Nab. Reki Fontanki. The event starts at 6 p.m. and the lecture will be followed by a concert of arias, songs and duets by English composer Henry Purcell. The event is free of charge.



Tuesday, Jan. 27


Celebrate the 71st anniversary of the end of the Siege of Leningrad on Palace Square with a free concert at 7 p.m. Listen to WWII-era songs and the poetry of Olga Bergholz while you peruse outdoor exhibitions dedicated to life during wartime. The event is capped off by a fireworks display at 9 p.m.



Stop by the Lexica School of Foreign Languages at 73 Ligovsky Prospekt from now until Friday for a free English lesson. The classes start at 7 p.m. and cover all levels, from Beginner to Advanced. Registration by telephone on 7641692 and a desire to improve your skills are the only prerequisites.







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