km. In Russian Ufa, on 9 and 10 July, the BRICS States – Brazil, Russia, India, China and South Africa – founded their own Development Bank. Beginning next spring the “New Development Bank “(NDP) is to deal in credits. A first funding priority shall be the support of projects with renewable energy. The Bank’s share capital initially amounts to the equivalent of 50 billion US dollar. In the coming years this sum is to be increased up to 100 billion.
This is admittedly not as much as the IMF’s 327 billion, but a first step to make these countries more independent from that Bank dominated by the USA and following neoliberal principles (“Washington Consensus”). Greece has demonstrated once again what the consequences are, if countries have to follow the IMF’s requirements - even if the IMF’s President now speaks of a necessary debt cut for Greece. The questionable IMF’s procurement policy has not changed as a result.
Immediately after the BRICS countries’ coming together, the Heads of State and Government of the “Shanghai Cooperation Organization” (SCO) met at the same location as the representatives of the BRICS countries. India and Pakistan, who previously had observer status, were accepted as new members.
The SCO was founded in 2001. In addition to the two new members, the following countries are also members: China, Russia, Uzbekistan, Kazakhstan, Kyrgyzstan and Tajikistan. A key objective of the SCO is the stabilization of national conditions (in particular the defense against terrorist attacks), the promotion of intergovernmental relations in Central Asia and the defense against interference from outside, especially on the part of other Great Powers.
Before the BRICS summit in Ufa young people from the BRICS countries met for a Youth Summit in Moscow on 2 July.In the welcoming speech of the Russian Foreign Minister Sergei Lavrov printed below as documentation, it becomes clear that the BRICS countries attach particular value to a dialogue with the youth of their countries on world issues and that the governments of these countries want to transmit to their youth the basic principles of international law and the principle of the equity of the states. In the conversation with the young people, which can be read when opening the link given below and which immediately followed the welcoming speech, it becomes clear how seriously and dedicatedly the dialogue between the Government officials and the youth is performed in these countries.
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