Or there's Jin Liqun, widely tipped to be the head of the AIIB, who also happens to be a former Vice President of the Asia Development Bank and alternative Executive Director of the World Bank. Also missing from this narrative is the fact that the NDB's chief, Kundapur Vaman Kamath, is a former staffer of the supposed NDB "rival" Asia Development Bank. It is only various media pundits who have speculated that these new banks are in fact some sort of challenge to the so-called "Washington consensus." What none of these experts has bothered to report (for obvious reasons) is the remarkable fact that the Vice President of the NDB is also an Executive Board member of the IMF, who then went on to pledge cooperation and joint action between the NDB and IMF. No, these institutions do not view themselves as competitive. Paulo Batista, BRICS bank VP and IMF Executive Director Kamath returned the favor, conceding that the NDB and the IMF/World Bank are complementary institutions, not rivals.Īlso in July, the AIIB and the World Bank signed an actual cooperation agreement, promising to identify projects for joint financing later this fall. In June, World Bank chief Jim Yong Kim issued a statement congratulating the AIIB on its formation and calling it an "important new partner" for the Washington-led development bank.
In March, IMF chief Christine Lagarde pledged IMF cooperation with the AIIB. JAMES CORBETT: Who is contending that the AIIB or the BRICS' New Development Bank is in any way competitive with the Bretton Woods institutions (IMF/World Bank)? Certainly not anyone involved with any of these institutions. How is that true or not true in some respects? The conversation ends with how we can fight back against The Powers That Be in our own way.ĭEVON DOUGLAS-BOWERS: What are BRICS (an international financial alliance involving Brazil, Russia, India, China, and South Africa) and the Asian Infrastructure Investment Bank (AAIB) really about? Many people argue that it is these countries challenging the dominant US-based system. This is a transcript of a recent email interview conducted between Devon Douglas-Brewers and independent journalist James Corbett, where they discuss BRICS, the view that many have of the organization as a resistance force and the truth behind that.
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