BRICS Nations Plan New Bank to Bypass World Bank, IMF – Bloomberg 03-26-13

Salient to Investors:

Martyn Davies at Frontier Advisory said there’s a shift in power from the traditional to the emerging world, with much geo-political concern about this in the western world.

Foreign direct investment into BRICS nations accounted for 20 percent of global FDI flows versus only 6 percent in 2000.

Jim O’Neill at Goldman Sachs Asset Mgmt said a BRICS bank at a minimum symbolizes they can achieve something as political group and means they will have their own kind of special World Bank, which may aid infrastructure and trade projects.

Simon Freemantle at Standard Bank it will be some time before this bank to start financing say, a railway project.

Read the full article at http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html

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