by G.B. in Tribuno del Populo
July 9, 2016
The BRICS Summit in Ufa could be one of those meetings to go down in history
Translated from Italian by Tom Winter
The Brics Bank approves first project for April 2016
The new BRICS bank has decided to approve its first infrastructure projects in April 2016. This will be the entrance on the scene of the New Development Bank, the bank of the BRICS, or rather, of the countries that are challenging the American hegemony and that have just convened in the past hours in Ufa, Russia. And clearly all this does not make the West rest easy.
The BRICS are quickly up and running and seem to represent the real strategic innovation and geopolitics of the XXIst century. In this newly polarized world with the United States reprising the scenario of the Cold War with Russia and Europe that seems to be following them in this adventure, here it is that the BRICS –Brazil, Russia, India, China and South Africa — are launching their global challenge to the American hegemony.
The BRICS Summit in Ufa could be one of those meetings to go down in history because of the importance of the points that have been treated. Clearly you could not not talk about the NDB, or the New Development Bank, the bank that, on paper, should break up western rule over the world’s financial institutions. The NDB is a real investment bank which will begin to operate in the markets, fifty billion dollars strong in foreign exchange reserves. Beijing will be the one to put down the greatest amount, and, voila! in 2016 here it is that the bank should become fully operational.
In theory the NDB will be supporting developing economies, funding projects aimed at growth, but clearly in the West they are afraid that it can also become a tool for Moscow and Beijing to expand their own sphere of influence. According to a report given by the Russian newspaper Sputniknews however, the NDS could approve its first infrastructure project in April 2016, so its activities will soon come alive with the firm idea of setting up an alternative to the existing financial institutions like the World Bank and the International Monetary Fund, institutions accused of doing mainly the interests of the United States. In this sense, the hysteria of the White House is quite understandable as they are realizing the futility of sanctions they imposed on Moscow since, instead of isolating Russia, they spurred it to speed up its process of rapprochement with the BRICS.
In April 2016, therefore, the NDB could become reality making its first investment in infrastructure, and by then you will probably begin to properly speak of a “new era”.