The world, the whole world, not only the World Bank and IMF, not only the US, the EU or the UK, not only the countries and companies eager for money from these five fat cats, but also nature and the people - the river that will be dammed, the forest that will be harvested, the fish and elephants that will be disturbed, and the indigenous people that will be resettled. Yes, be careful, because the world is watching. But, I would say, ‘be careful, BRICS Development Bank.’ Many of these question marks are for our economists and politicians to address. Where will the new bank be located? Who will staff the bank? To whom will it lend the money? Which companies will benefit from its largesse? Do the BRICS have enough in common to sustain a shared institution? Will the bank be dominated by China? Will a new development bank pose a challenge to the World Bank?
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However, many details are nevertheless yet to be negotiated and determined, and there is also good reason to be wary. There is good reason to be confident about getting a BRICS bank up and running. In fact, despite the wide differences among the BRICS members (don’t forget that China’s GDP alone is larger than those of the four others combined), this group now accounts for 25 percent of global GDP and 40 percent of the world’s population. This move is being interpreted by the international community as an important step by those emerging powers to compete with, or some would say ‘complement’, the current Western-dominated international financial institutions. The BRICS announced that their establishment of a multilateral development bank will contribute to ‘a more just world order.’ Ambitious, to say the least. Some say that the ‘BRICS development bank is more than welcome’, while others remark, ‘a BRICS bank? No thanks, the IMF and the World Bank are bad enough.’ The unequal global influence and conflicting interests of each of the five BRICS countries seemingly give rise to lots of concerns about the feasibility of the bank, and commentators are divided. The five fellow nations - Brazil, Russia, India, China and South Africa - are working on it and we will probably see how their ‘horse-trading’ is going this September, when they hold a parallel meeting to the G-20 gathering in St.
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Its official launch was postponed from the BRICS Summit in South Africa this past March to the next summit in Brazil in 2014. The proposed creation of a BRICS Development Bank is not news any more.