PM says BRICS bank to ease dependency

5 August 2014
The Phnom Penh Post
Banking and financial services / Economy and commerce / Government / International relations / Multilateral development assistance
Hun Sen / IMF / International Monetary Fund / NDB / Shanghai / United Nations / World Bank

Prime Minister Hun Sen yesterday applauded the recent creation of the BRICS New Development Bank (NDB), saying it could ease Cambodia’s dependence on institutions such as the World Bank and the International Monetary Fund (IMF). BRICS member nations Brazil, Russia, India, China and South Africa announced the creation of the NDB during the 6th BRICS Summit last month. Similar to the World Bank, the NDB has a mandate to provide funding to the world’s least developed economies and assist in development projects. …

 May Kunmakara
http://www.phnompenhpost.com/business/pm-says-brics-bank-ease-dependency