AIIB and BRICS bank not rivals but complementary – economy minister
The Unhived Mind
AIIB and BRICS bank not rivals but complementary – economy minister
Published time: July 07, 2015 15:54
http://rt.com/business/272218-brics-ndb-aiib-ulyukaev/
The China-led Asian infrastructure and Investment Bank (AIIB) and BRICS New Development Bank (NDB) can coexist, Russian Minister of Economic Development Aleksey Ulyukayev told RT ahead of the key BRICS/SCO summits in Russia.
“I think there is enough room for everybody. Our economy is so underinvested…So, the Asian bank, BRICS and other banks will have a field for investment,” said Ulyukayev after the NDB governors meeting that took place for the first time in Moscow on Tuesday.
READ MORE: BRICS bank, Greece & Ukraine headline BRICS/SCO summits – presidential aide
The meeting is ahead of the 7th BRICS summit on July 8 -10 in Ufa, Russia. The bloc intends to launch a $100 billion NDB bank and a currency pool worth the same. The bank is intended to complement the World Bank and fund infrastructure projects within the group, while the pool would protect BRICS from currency volatility.
The AIIB was launched in Octoober 2014 and has 57 countries as its founding members from five continents, Asia, Oceania, Europe, Latin America and Africa. The bank will finance infrastructure projects in the Asia-Pacific Region, such as roads, railways, and airports. China has 20.06 percent of the voting share and India 7.5 percent. Russia has the thirdlargest stake with 5.92 percent. The initial capital of AIIB will be $50 billion and is planned to be increased to $100 billion. It will be headquartered in Beijing.The IMF Chief Christine Lagarde has said the IMF and the World Bank are ready to work with AIIB, even though it is sometimes referred to as a rival to the Western financial institutions.
Ulyukayev also addressed the question of whether Asian capital could replace lost investments from the West. Western sanctions have also made impact on Asian countries, as they have become more conservative, he said.
Asian investment would partly substitute the money that had come from Europe and the US, but Russia’s main goal is a “transformation of internal domestic savings into domestic investment,” Ulyukayev added.
As for trade cooperation between Russia and other BRICS countries has been performing well, but the barriers to trade have yet to improve, he added. Customs offices have to cooperate closer, and the member states have to introduce electronic documentation in order to facilitate business, according to the minister.
The summits in Russia will see the members of BRICS, Shanghai Cooperation Organization (SCO) and the Eurasian Economic Union (EEU) discuss business that is underway, free trade zones between the groups and joint investment projects. Among other topics on the agenda are the Ukrainian and Greece crises, and the possible lifting of Iranian sanctions, as Tehran is expected to join the SCO as soon as they are cancelled.
Russian President Vladimir Putin plans on having 11 bilateral meetings and a trilateral meeting with China and Mongolia as part of regional cooperation.
Thoughts on newly named BRICS NDB vice-president Paulo Nogueira Batista?
He also serves as an executive for the IMF and is an alumnus of Jesuit/Roman Catholic PUC-Rio. PUC-Rio has alumni connected to George Soros and the Brazilian Central Bank and Supreme Court.
theunhivedmind
I’ve had a feeling someone would bring up such a question as this. Batista may have been trained at a Jesuit institution but really it doesn’t mean he’s serving them or New Venice. The BRICS Bank has a set of rules to govern the system in the correct way so corruption we see in the IMF etc cannot happen in this new bank. The BRICS Bank will welcome trustworthy people from the old system to bring experience in setting up this new bank. Batista may be a very good guy and a Promethean who’s been doing his work within the Satanic Zeusian system of old but had ambitions to promote Prometheanism. Remember Putin came from within the bad system as did John F. Kennedy, they worked within that system but attempt to bring forth Prometheanism to rid the world of Zeus or Satan once and for all. So don’t fall for the alternative psy-ops that’ll try and make out the Satanists control the BRICS bank or the Satanists are playing both sides, these blinkered people try to play both sides of the coin. The BRICS is Prometheanism and it has the Zeusians on the edge of insanity right now, this will be the biggest change in world history for mankind. You’ll notice psy-ops claim this new system from the BRiCS will be the New World Order but this is not true, this will be a New World Economic Order that has nothing to do with the Zeusian Nazi New World Order of New Venice. The New World Economic Order is based on Nationalism for starters where as the New World Order is against nationalism. Why is that? Well the Renaissance aided nationalism which severely hindered old Venice’s power and ever since they’ve wanted to destroy nationalism in order to regain their old power. These Venetians even utilized nationalism at times to promote wars and oligarch powers but just in order to achieve their Zeusian agenda. These NWO wordings are put over to try again to get alternative thinking people to believe the BRICS is working for Zeus but it’s a lie to try to keep Prometheanism hidden. Right now the Prometheans are winning and God bless them for giving us a lifeline at last. I’m sure you’ll see some other good IMF/World Bank employees jump ship and come over to the good side not to infiltrate but to make the world a better place.
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`·-☆ The Unhived Mind