MOSCOW, February 4. /TASS/. Russia’s government has submitted to the lower house of parliament a draft federal law on ratifying an agreement on the New Development Bank (NDB), operated by BRICS countries (Brazil, Russia, India, China and South Africa), a decree published on the cabinet’s website said on Wednesday. Continue reading
Beijing diplomats on charm offensive to rally support for new institution free from U.S. control.
China wants to set up a multilateral development bank in Asia to break the U.S.’s financial hold on the continent, the Financial Times reported Tuesday, citing officials familiar with the matter.
It said that Chinese officials have been touring Asia and the Middle East drumming up support for a new institution with $100 billion in capital, with a view to financing major development projects such as infrastructure. The FT said 22 countries across the region have expressed interest so far. Continue reading