BRICS Banks a groundbreaking initiative-Zuma
Jul 24, 2014 13:56:27 #
South African President Jacob Zuma on Thursday said the BRICS Bank, with its focus squarely on the developing world would operate differently from global lenders like the International Monetary Fund or World Bank.
You know that in the banks that we have, if you ask for help, you end up in more difficulty. That has been the history of countries, particularly developing countries, Zuma said during his reply to the Budget Vote in the National Assembly in Cape Town on Thursday.
The capital contributions to the New Development Bank will come from the fiscus. It is important to note that the benefitts of participating in the New Development Bank by far outweigh the costs of establishing it, he said.
Initially, South Africas contribution is in the form of paid-in capital of $150 million.
After some tough rounds of negotiations, BRICS nations (Brazil, Russia, India, China and South Africa) have created not only a new $100 billion Development Bank, but also a $100 billion foreign currency reserves pool during the 6th BRICS Summit in Brazil earlier this month.
Shanghai finally won the bid to host the Bank while India will get the presidency of the Bank for the first six years. The Bank will have a rotating chair. The Bank will also have a regional office in Johannesburg, South Africa. All the five countries will have equal shareholding in the BRICS Bank.
The Bank will have an authorised capital of $100 billion US dollars with $50 billion subscribed. All countries will contribute equal capital to the Bank.
Zuma told South African lawmakers the Bank was a ground-breaking initiative by the developing world, the first of its kind.
Zuma said all African heads of state were excited about the bank.
They see this as an opportunity where we can develop Africa without too many strings attached, which has been with us in our history.
We should be excited about this its not a backward movement, its a forward movement, he said.
Meanwhile, South African Trade and Industry Rob Davies said earlier this week that the BRICS Bank capital might not be held in US dollars.
We want to move away from the same old, same old way of doing things. What currencies the capital will be held in is something that will be part of the Sherpa process with the pace set by Brazil, but we expect substantive progress by the time of the next BRICS summit in Russia in June 2015, he said.
http://thebricspost.com/brics-banks-a-groundbreaking-initiative-zuma/#.U9FHkjbD_IU
You know that in the banks that we have, if you ask for help, you end up in more difficulty. That has been the history of countries, particularly developing countries, Zuma said during his reply to the Budget Vote in the National Assembly in Cape Town on Thursday.
The capital contributions to the New Development Bank will come from the fiscus. It is important to note that the benefitts of participating in the New Development Bank by far outweigh the costs of establishing it, he said.
Initially, South Africas contribution is in the form of paid-in capital of $150 million.
After some tough rounds of negotiations, BRICS nations (Brazil, Russia, India, China and South Africa) have created not only a new $100 billion Development Bank, but also a $100 billion foreign currency reserves pool during the 6th BRICS Summit in Brazil earlier this month.
Shanghai finally won the bid to host the Bank while India will get the presidency of the Bank for the first six years. The Bank will have a rotating chair. The Bank will also have a regional office in Johannesburg, South Africa. All the five countries will have equal shareholding in the BRICS Bank.
The Bank will have an authorised capital of $100 billion US dollars with $50 billion subscribed. All countries will contribute equal capital to the Bank.
Zuma told South African lawmakers the Bank was a ground-breaking initiative by the developing world, the first of its kind.
Zuma said all African heads of state were excited about the bank.
They see this as an opportunity where we can develop Africa without too many strings attached, which has been with us in our history.
We should be excited about this its not a backward movement, its a forward movement, he said.
Meanwhile, South African Trade and Industry Rob Davies said earlier this week that the BRICS Bank capital might not be held in US dollars.
We want to move away from the same old, same old way of doing things. What currencies the capital will be held in is something that will be part of the Sherpa process with the pace set by Brazil, but we expect substantive progress by the time of the next BRICS summit in Russia in June 2015, he said.
http://thebricspost.com/brics-banks-a-groundbreaking-initiative-zuma/#.U9FHkjbD_IU
Jul 24, 2014 14:51:49 #
Jul 24, 2014 15:00:54 #
"Meanwhile, South African Trade and Industry Rob Davies said earlier this week that the BRICS Bank capital might not be held in US dollars."
Start with this book and work your way up to harder words.
This bank wasn't suppose to be opened for 2 more years but yet here it is.
Start with this book and work your way up to harder words.
This bank wasn't suppose to be opened for 2 more years but yet here it is.
jonhatfield wrote:
What? It's capital is in U.S. dollars??? What the heck?
Jul 24, 2014 15:28:43 #
jonhatfield
Loc: Green Bay, WI
Patty wrote:
"Meanwhile, South African Trade and Industry Rob Davies said earlier this week that the BRICS Bank capital might not be held in US dollars."
Start with this book and work your way up to harder words.
This bank wasn't suppose to be opened for 2 more years but yet here it is.
Start with this book and work your way up to harder words.
This bank wasn't suppose to be opened for 2 more years but yet here it is.
Yep, Russia's desperation has pushed several posturings ahead of schedule. Let's see, how much of its equal share of the capital and reserves has South Africa actually proposed to bring forward this year??? At that rate it will be several years before the BRICS bank will be functional regardless of how early it was "opened." :-P :-P :-P
Moreover, the total proposed amount, whenever it gets funded, is somewhat fractional to the economies of India and China, even Brazil...but, yes, significant paired to Russia and SA GDP and trade. As I have stated before, I believe various alternative banking and currency arrangements are workable for future world economic developments and investments.
Jul 24, 2014 15:34:25 #
Talk about desperation.
http://www.zerohedge.com/news/2014-07-24/americas-dumbest-move-yet-seizing-foreign-bank
"So while the US is still running around and barking at others, it is quickly losing its capacity to bite.
Their only tactic is to haphazardly attack Russian interests wherever they can.
Theyre sanctioning Russian companies. Theyre trying to torpedo international support for Russia. And now theyve resorted to plundering Russian assets held in other sovereign nations.
Imagine youre Qatar. Or China. Or Kuwait. Or Singapore. Or anyone else who holds substantial amounts of US debt."
Way to pick a king D.A.
:lol: :lol: :lol:
http://www.zerohedge.com/news/2014-07-24/americas-dumbest-move-yet-seizing-foreign-bank
"So while the US is still running around and barking at others, it is quickly losing its capacity to bite.
Their only tactic is to haphazardly attack Russian interests wherever they can.
Theyre sanctioning Russian companies. Theyre trying to torpedo international support for Russia. And now theyve resorted to plundering Russian assets held in other sovereign nations.
Imagine youre Qatar. Or China. Or Kuwait. Or Singapore. Or anyone else who holds substantial amounts of US debt."
Way to pick a king D.A.
jonhatfield wrote:
Yep, Russia's desperation has pushed several postu... (show quote)
:lol: :lol: :lol:
Jul 24, 2014 19:19:13 #
Patty wrote:
South African President Jacob Zuma on Thursday sai... (show quote)
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I think it's a good thing on one hand and a bad thing on the other...
but that depends on the information I can dig up to see if the
Crown and Banksters aren't really involved in it at all... and if they are then
it's business as usual....
Just Repackaged !
Don't be fooled people !
Really Please !
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