RUSSIA TODAY - April 17, 2015
The BRICS New Development Bank and the Asian Infrastructure
Investment Bank (AIIB), both seen as alternatives to US – led
institutions, will not compete, but rather complement each other, said
the head of the Central Bank of Russia Elvira Nabiullina.
Nabiullina made the
statement Thursday in Washington where she is attending the
spring meetings of the International Monetary Fund and World
Bank.
"I don't think
there's less energy (around the BRICS bank). We didn't feel that.
To the contrary, all the representatives of all the countries ...
were very motivated to reach speedy practical results," she
said.
Both development
institutions have been gaining popularity and are seen as a
counterbalance to the IMF and World Bank. President Obama has
reacted insisting the US should make the
rules for the global economy, and not China. The US and Japan
have not applied for the membership in either of the new
development banks.
Also in Washington Russia’s Finance Minister Anton Siluanov said
that the BRICS New Development Bank will be launched before the
BRICS summit in Ufa scheduled for July 9-10.
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