BRICS Big Conference in Russia

For decades African countries on the capitalist periphery have been saddled with debt by the World Bank and the IMF. But now thanks to BRICS there is a New Development Bank to help these countries.

Development once meant industrialization, methods of harnessing energy and education. The World Bank and the IMF did none of these things. The emergence of the New Development bank may change the course of African history. In addition, BRICS welcomed many new “partner states” and they are working on cross-border payment implements which are low cost.

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