Tisa vs. New Development Bank: two conflicting proposals
The central banks of BRICS block betting on New Development Bank, while the core countries to free trade in services, called Tisa.
The central banks of the bloc known by the acronym BRICS (Brazil, Russia, India, China and South Africa) ended on July 7 last one that regulates the operation of the New Development Bank (NBD) agreement and the Reserve Fund Contingency . The same was described by the head of ECLAC, Alicia Bárcena, "the most important since the creation of the Bretton Woods multilateral financial agreement".
The aim of the bank, which has an initial capital of 50,000 million dollars that then extended to 100,000 million and whose members account for 27% of global GDP, will finance major development projects in the bloc . Meanwhile, the fund reserves (100,000 million dollars) will be used to provide loans to the participating countries in case of problems of liquidity in dollars. Thus, the BRICS seek to establish alternatives to traditional hegemonic institutions such as the IMF or the World Bank, and transform them into sources of financing from a more inclusive vision, continuing the search for higher levels of financial independence from large powers.
