The emergence of the BRICS banking system is the beginning of the end of the dominance of the dollar and the World Bank.
According to Sputnik, “Barnaba Marial Benjamin”, Minister of Information of the Autonomous Government of South Sudan, announced this Friday that the dominance of the World Bank will soon end with the expansion of branches of development banks affiliated to the “BRICS” group by the emerging economic powers.
South Sudan’s political official added: The new development banks affiliated to the “BRICS” group will end the dominance of the International Monetary Fund and the World Bank in the world and emphasized that these banks have very attractive financial facilities and loan payments, because contrary to the terms of the World Bank, You can easily and quickly benefit from their financial facilities.
In an interview with Sputnik, Barnaba Benjamin said: “The terms of the new development banks of the BRICS group are very tempting because, unlike the World Bank, they can quickly get their financial facilities.”
He emphasized that “with the expansion of development banks that are members of the BRICS group, we will soon witness the end of the global dominance of the International Monetary Fund and the World Bank.”
The Minister of Information of South Sudan added: “It is very difficult to borrow money from the World Bank, but the granting of loans from BRICS banks is provided in foreign currencies and the local currency of the governments if the process of receiving a loan from the World Bank is in dollars.”
At the 5th BRICS summit held in Durban, South Africa in 2013, the member states officially announced the decision to establish a new development bank. In 2014, the new development bank was established with the primary goal of financing infrastructure projects and sustainable development in BRICS countries and other emerging economies at the 6th BRICS summit in Fortaleza, Brazil.