Brics bank raises critical development questions, says OECD

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OECD’s Angel Gurría says devil is in detail – market rates, policy demands and how loans will be made – of any new Brics bank

KISs @GIBS‘s insight:

BRICS – " The World Bank’s soft loan arm, the IDA lends money on easy terms, charging little or no interest. Repayments are stretched over 25 to 40 years, including a five- to 10-year grace period. The IDA also provides grants to countries at risk of debt distress.   The IDA is one of the largest sources of assistance for the world’s 81 poorest countries, 39 of them in Africa, and is the single largest source of donor funds for basic social services in these countries.   The Brics have in principle agreed to create a development bank to provide initial funding for infrastructure projects worth $4.5tn (£3tn)." Ackn.

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