BRICS nations to create $100bn bank

The Brics group of emerging economies launches its New Development Bank in Shanghai, seen as a rival to the World Bank and IMF.

Indian Prime Minister Narendra Modi headed to Brazil yesterday for a meeting of the Brics group of emerging powers, hoping to seal the long-discussed deal to open a new development bank.

The establishment of the New Development Bank (NDB) -- a mini ‘World Bank’ -- this year, which will be headquartered in Shanghai, China, has given a glimmer of hope for most developing countries, particularly those in the Sub-Saharan region.

Africa will launch its largest free trade area (FTA) next month.

WASHINGTON, —The World Bank Group’s Board of Executive Directors approved today a new US$45 million credit for Tanzania to improve the socioeconomic impacts of large and small-scale mining for the country and people. It will also help increase private, local, and foreign investments.
“This project shows the World Bank's commitment to support Tanzania’s efforts to allocate mining resources equitably, especially to the poorest through a focus on artisanal and small-scale mining," said Philippe...

IPPmedia
100bn/- to be spent to boost education quality
IPPmedia
A total of 100bn/- would be spent to improve quality of education in the country's primary schools under the support of EQUIP-T, a programme geared at improving learning outcomes for children across the country. EQUIT-T National Coordinator Carton Aslett ...

The Brics group of emerging giants is expected to sign a deal next week to open its own development bank by 2016, Russia’s finance minister said yesterday.

The launch last week of a development bank and an emergency reserve fund by the Brics -- Brazil, Russia, India, China and South Africa -- appears to be a concrete attempt to address inequities created by European and American dominance at the World Bank and the IMF.

Tanzania must fight corruption and increase accountability for the country to fully utilise the advantages of international development cooperation.