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Imlpications of BRICS Development Bank

Formation of BRICS Development Bank will add a new chapter in global multilateral developmental agency having far reaching implications for other multilateral developmental banks such as World Bank   , ADB etc which are working under hegemony of US, West and Japan. It will influence existing multilateral developmental banks to mend their ways in granting loans and aids to emerging economies and developing and least developing countries on more attractive terms and conditions without  discrimination. The equal equity in BRICS Bank is a big achievement as no country can exercise hegemony. However, China is big gainer in getting its Head Quarter at Sanghai.

The concept proposed by  Elvira Nabiulin, president of Russia's Central Bank;  that all negotiations with the BRICS should bypass the US dollar will have far reaching implications for  international developmental and financial institutions and  many international currencies.

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