Sao Paulo: Leaders of the worlds five emerging economies have launched a development bank aimed at countering the Western-dominated international financial system.
Leaders of Brazil, Russia, India, China, and South Africa, also known as BRICS group, made the decision at a summit in Fortaleza, Brazil on Tuesday.
“There will be a very powerful means to prevent new economic difficulties in the world scenario and creating the bank will also establish the basis for huge macroeconomic changes,” Russian President Vladimir Putin said, adding that the bank “will allow us to undertake joint plans regarding out development.”
During and address at the summit Putin also called for the establishment a new energy association to increase the energy security of the BRICS group.
In accordance with the Russian presidents offer, the new energy association would include an institute for energy safety and a reserve fuel bank.
Russia has been seeking new international partners following its exclusion from the group of eight industrialized countries, known as the G-8 over the crisis in Ukraine.
BRICS members say the current global balance of power is unworkable, with institutions such as the World Bank, the International Monetary Fund and the United Nations Security Council irrelevant in addressing matters concerning global economics.
BRICS countries make up over 40 percent of the worlds population and account for more than 25 percent of the globe.
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