Dear Editor,
The recent announcement that a new development bank to be financed and administered by the BRICS countries (Brazil, Russia, India, China and South Africa) is welcome news, especially for developing countries such as ours.
The BRICS countries together constitute over half of the global population and have at their disposal a combined GDP in excess of US$16 trillion and estimated foreign exchange reserves of some US$4 trillion.
Guyana has excellent relations with all of the BRICS countries both diplomatically and culturally and is therefore in a good position to take advantage of the new dispensation that has developed over the years. In fact, Guyana has already benefited substantially in terms of financial and technical assistance from a number of the BRICS countries, more particularly China and India, two of the largest of the BRICS countries in terms of population size and economic development.
The opening of another development bank that is likely to be much more sensitive to the peculiarities and challenges faced by developing countries, and is as timely as it is relevant, especially when the need for development financing has become so competitive.
Guyana’s President Donald Ramotar on the eve of his participation at a high level meeting in Brazil between the UNASUR (Union of South America) group and the BRICS grouping has expressed optimism about the outcome of the meeting which will be held under the theme ‘Inclusive Growth and Sustainable Development.’
Yours faithfully,
Hydar Ally
