Emerging countries thinking about a joint bank against West

(March 27, 2013) Emerging countries are thinking about a Joint Bank against the West. The BRICS, a group of emerging nations, plans to set up a new joint bank at their annual meeting to oppose the World Bank and the International Monetary Fund, deemed "Western" structures that do not reflect changes in the modern world. A BRICS bank could start with US$ 10 billion seed money from each of the BRICS countries namely - Brazil, Russia, India, China and South Africa. The project was to be finalised Wednesday, when the heads of state concerned meet in Durban, South Africa.
According to an unwritten agreement, the top post in the World Bank goes to an American, whilst that at the IMF goes to a European. Together, BRICS nations account for 25 per cent of global Gross Domestic Product and 40 per cent of the world's population.
Source: Asianews