Guyana to possibly benefit from US$100B in BRICS Development Bank

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Guyana stands to possibly benefit from the BRICS (Brazil, Russia, India, South Africa) group of emerging economies, which will contribute $100 billion to a fighting fund to steady currency markets.

This announcement was made today during the hosting of the G20 summit, which is being held in Russia.

Russian Ambassador to Guyana, Nikolay Smirnov today told reporters that the establishment of the BRICS development bank will be funded with an initial capital of US$50B and later, the full total will be US$100B.

This fund he said will assist the developing economies in the Caribbean to grow. However, the establishment of the Bank is still months away from realisation amid disagreements over burden sharing and where it should be based. Russian President Vladimir Putin was expected to announce the currency pool’s size at a meeting of BRICS leaders.

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