Monday, August 10, 2015

BRICS bank’s purpose is banking for the people, not for oligarchs

A couple weeks ago, Russia Today did an interview with Dr. Sreeram Chaulia, who is the Executive Director of the Centre for Global Governance and Policy (CGGP) at the Jindal School of International Affairs on the significance and mission of the new BRICS bank and how it will be completely different than nearly all global financial institutions currently functioning in the West.
During his interview, Dr. Chaulia stressed the importance of how banking is expected to change within the scope of the BRICS coalition, and that unlike the IMF and World Bank missions that have been around for decades, the new BRICS bank will focus more on lending and development for the people, and less so for oligarchs, politicians, and other sovereign entities that have used these types of financial institutions for their own gains in the past.

 
 

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