Hola MaHigh-School - August 2018
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BRICS: initi<br />
What are the two main achievements of BRICS?<br />
I can be debated, but let us look at the New Development Bank.<br />
Wiki sums it the objectives as:<br />
• Promote infrastructure and sustainable development projects with a significant<br />
development impact in member countries.<br />
• Establish an extensive network of global partnerships with other multilateral<br />
development institutions and national development banks.<br />
• Build a balanced project portfolio giving a proper respect to their geographic<br />
location, financing requirements and other factors.<br />
This is important. All countries could need an infra-structure boost. There are<br />
structural problems and challenges (Mumbai traffic, Beijing pollution, etc). But<br />
not one country can finance it all. That is where the bank comes in.<br />
Where the terms of commercial banks (or financing from other sources, i.e.<br />
World Bank) might not be conducive to any developmental goals, the BRICS<br />
Bank must be seen as a more responsive partner. However, let us be clear: It is<br />
not charity!<br />
If we look at the list of projects financed, we clearly see a focus on improving the<br />
life of people (water quality, judicial processes, roads) and a dominant attention<br />
to energy production). This is focused on renewable energy and the achievements<br />
are in CO2 reductions.
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