July 29, 2014
CFK: BRICS Bank 'a real alternative for sustainable development'
President Cristina Fernández de Kirchner today praised the BRICS decision to create a development bank, saying a new “financial world order is absolutely necessary.”
Ms Kirchner welcomed the agreement by Brazil, Russia, India, China and South Africa to build a bank worth US$100 billion that focuses “on commercial, infrastructural and financial” issues.
“We salute the decision to build a development bank that addresses commercial and infrastructural aspects, but also focuses on mending a deranged financial world order,” the President said during the UNASUR-BRICS summit in Brasilia.
“A new world financial order is absolutely necessary,” CFK added while critiquing other multi-lateral financial organizations such as the World Bank (BM) and the Inter-American development Bank (BID).
“These organizations do not act like development banks. They are oriented by risk consultants. BRICS bank is a response to this situation. It is the creation of a real alternative that favors sustainable development,” Ms Kirchner concluded.