SETTING-UP A NEW BANK OF DEVELOPMENT IN BRICS IN THE CONTEXT OF REFORMING FINANCE STRUCTURE IN GLOBAL ECONOMY

Abstract

The article deals with complex analysis of pre-conditions of setting-up and basic lines of credit and investment policy of the New Bank of Development in BRICS. By comparing the New Bank of Development with other Banks of Development it was shown that it is going to be independent from G7 countries and act as an alternative international institution of development. In the long-run it can compete with the Group of World Bank. The author comes to the conclusion that Russia's participation in the New Bank could be a favourable factor for raising international investment for Russian projects and could foster economic relations with China.

Keywords

• diversified institutions of development
• international finance organizations
• pool of foreign currency reserves