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They agreed to establish a new Development Bank. The idea was proposed last year in New Delhi.
"It's done," said South African Finance Minister Pravin Gordhan. BRICS leaders "will announce the details," he added.
South African President Jacob Zuma said:
"We have agreed to establish the new development bank. The initial capital contribution to the bank should be substantial and sufficient for the bank to be effective in financing infrastructure."
Ahead of the summit, officials said each country may contribute $10 billion for starters. It's aim is to fund infrastructure and other development projects.
It'll operate separately from Western international lending agencies. It'll challenge their global dominance. It'll test how they do business. They prioritize neoliberal harshness.
It includes privatizing state enterprises, selling them at a fraction of their worth, mass layoffs, deregulation, deep social spending cuts, wage freezes or cuts, unrestricted market access for Western corporations, business-friendly tax cuts, trade unionism marginalized or crushed, and harsh recrimination against non-believers.
It strip mines nations for profit. It shifts wealth from public to private hands. It destroys middle class societies. It turns workers into serfs.
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