World Economy

Shanghai May Host BRICS Bank

Shanghai May Host BRICS BankShanghai May Host BRICS Bank

There are two global organizations tasked with stabilizing finances and funding major projects in the developing world: the World Bank and the International Monetary Fund, BBC reported. But the countries most effected by their policies have often felt shut out of the decision-making process. That’s because it’s the large western economies along with Japan which hold the purse strings. The governments of the BRICS nations agreed to name representatives to their $50b development bank by end-April, according to an official. India will name the bank’s first president, with Brazil, Russia, China and South Africa selecting the vice presidents, according to the government official, who asked not to be named because he isn’t authorized to speak publicly about the matter. They expect the bank to start operating in early 2016, the official said.