According to the Bangkok Post, the BRICS nation’s leaders introduced their international financial institutions made to rival the World Bank and the International Monetary Fund.
The New Development Bank and $100 billion Contingent Reserve Arrangement are equally backed by each nation—Brazil, Russia, India, China, and South Africa—regardless of size, population, or GDP. Together these countries represent 40 percent of the world population and a fifth of the global economy.
The Thailand company lawyers at Chaninat & Leeds have decades of experience in business litigation to help companies throughout Thailand achieve a variety of business obligations and needs.
The bank, which will be headquartered in Shanghai, will help emerging and developing nations mobilize resources for infrastructure and sustainable development projects, according to the BRICS statement.
The need for these new international financial institutions rose from a need to “increase the representations and voice of developing countries," said Chinese President Xi Jinping, reports the Bangkok Post.
Read the full story here.