15 July 2014 (13:14 UTC-07 Tango)/17 Ramadan 1435/24 Tir 1393/19 Xin-Wei 4712

At the start of the sixth meeting of the BRICS (Brazil, Russia, India, China and South Africa) the members agreed to the creation of their own world bank, currently being called the BRICS Development Bank ( officially called the New Development Bank or NDB).

Each BRICS member is contributing billions in cash to fund the new global bank ($50-billion initial capital, $100-billion in emergency reserve funds called the Contingent Reserve Arrangement), which will focus on loaning money to ‘developing’ countries.  The HQ will be in Shanghai and its first president will be from India.

The NDB will compete directly with the U.S. based Wold Bank and IMF.

Members of the BRICS said they were forced to create their own global bank because the United States “continued delay in progressing the IMF quota and governance reforms” and “does not solve its political problems.”

India and South Africa are still members of the British empire (aka commonwealth, officially called Commonwealth of Nations).

Germany, U.K. & Greece now part of Chinese “Strategic Partnership”