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‘BRICS Bank capital might not be held in US dollars’

OWoN: It is quite apparent that the world is turning away from America quickly which must in due course be a value impact to the dollar.

Chinese President Xi Jinping (extreme left, front row) and his South African counterpart Jacob Zuma (second from right) at the 6th BRICS Summit in Brasilia, Brazil on 16 July 2014 [GCIS]

The BRICS Post
21 July 2014

The BRICS New Development Bank will address African continent’s infrastructure funding gap as the lack of infrastructure is preventing the development of intra-continental trade, South African Trade and Industry Rob Davies said on Monday during a radio interview on SAFM.

“The lack of infrastructure is preventing our continent from moving up the value chain, so the New Development Bank can address the funding gap,” he said.

He pointed out that the New Development Bank was not meant to displace the World Bank or International Monetary Fund, but rather to complement these multi-lateral development fund institutions.

Davies said although the capital of the New Development Bank and the Contingency Reserve Arrangement had been set at $50 billion and $100 billion respectively, this did not mean that this capital would necessarily be held in US dollars.

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