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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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Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Center’s Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at today’s Grand Prix Fitness House PRO, the nation’s premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the city’s elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolan’s latest film “Mommy” at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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