Erstellt am: 16. 7. 2014 - 13:09 Uhr

A new global financial order?

Reality Check: BRICS launch New Development Bank; Bosnia - helping flood victims.

BRICS Development Bank

EPA/Jarbas Oliveira

Presidents Dilma Rousseff (C) of Brazil, Vladimir Putin (L) of Russia, Xi Jinping (2R) of China, Jacob Zuma (R) of South Africa and Indian Prime Minister Narendra Modi (2L)

Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations, have launched a development bank as an alternative to the World Bank and the International Monetary Fund, which were created by Western powers in the wake of World War II. It’s a concrete step toward reshaping the Western-dominated international financial system, but how will it benefit developing countries and how well can such different governments work together? We ask Steve Price-Thomas from Oxfam International:

Flood Aid for Bosnia

The European Commission is hosting a donors' conference on Wednesday in Brussels to mobilise further support to Serbia and Bosnia and Herzegovina following the recent floods there. The disaster affected over 3 million people and caused damage expected to have long-term consequences which could seriously impact these countries’ reform agendas. John Cummins was recently in Bosnia and found out about a project initiated by students from Sarajevo University help people in flood-affected areas: