BRICS pass Fortaleza Declaration

BRICS

On the right is SA President Jacob Zuma with fellow BRICS heads of state

by SAVIOUS KWINIKA
PRETORIA – LEADERS of the BRICS (Brazil, Russia India, China and South Africa) bloc have passed numerous resolutions following their meeting in Fortaleza, Brazil.

The sixth BRICS Summit was convened to inaugurate the second cycle of BRICS Summits under the theme, “Inclusive Growth: Sustainable Solutions.”

This was in line with the inclusive macroeconomic and social policies carried out by the respective governments and the imperative to address challenges to humankind posed by the need to simultaneously achieve growth, inclusiveness, protection and preservation.

Among the major agreements include the establishing the New Development Bank (NDB), with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies.

The Bank shall have an initial authorized capital of US$ 100 billion. The initial subscribed capital shall be of US$ 50 billion, equally shared among founding members.

The headquarters of the Bank shall be located in Shanghai.

The New Development Bank Africa Regional Centre shall be established in South Africa concurrently with the headquarters.

BRICS announced the signing of the Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion.

The bloc also welcomed the signing of the Memorandum of Understanding on Cooperation among BRICS Export Credit and Guarantees Agencies that will improve the support environment for increasing trade opportunities among member nations.

BRICS consists of the five major emerging national economies, which as of 2013, represented almost 3 billion people with a combined nominal GDP of US$16 trillion and an estimated US$4 trillion in combined foreign reserves.

As of 2014, the BRICS nations represented 18 percent of the world economy.

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Posted by on Jul 16 2014. Filed under Africa & World, Featured, Finance, Finance & Banking, Investing, Investing, National, News, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
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