Establishing NAM Joint Bank, US Lower Share in Global Economy

(Ahlul Bayt News Agency) - "Although NAM has been established a long time ago, and is counted as the second great organization after the UN in the world, the members of the movement have not embarked on establishing a joint bank ", said Ramin Pashaei Fam, a member of the economic working group for NAM summit, and the offering agent of the joint bank initiation.He added:"the present share of NAM from global GDP comprises less than 15 percent. Establishing the mentioned bank, shall practically increase member states’ quota in the global GDP which, of course, causes a reduction of quota for countries like America. This might bring about oppositions, threats, and problems by those countries."He continued: "In economics, production is a subordinate to investment and human resources. To have production increased; the ratio of investment to working resources must be rational. Although NAM member states have enough working resources, they are in short of the required fund".  The managing director of Bank-e- Sepah also quoted:" it is through establishing a joint bank and a monetary unit among the members of the movement that can bring about investment and production."Pashaei said: “there are great economic powers among NAM member states. With regard to high population in some of the member countries as well as the existing consumption market, there is a great opportunity to establish a bank and to increase the gross domestic product. This would decrease America and West’s share of the world economy.Mentioning that NAM bank can equip countries’ resources, he added: “despite the high potentials of NAM member states, these countries are in short supply of financial resources for development; so as to decrease their gap with developed countries.”Explaining that many of the world’s great counties started developing themselves by means of huge bank loans, Pashaei reiterated: “establishing the NAM bank - as a currency-creating, policy-making and money-regulating bank to which agent and trade banks may also join - can lead to the development of these countries”.He said: “if establishing this bank increases the gross domestic products of NAM member states, the level of world production and buying capability of NAM member states would increase as a result. The realization of this event is followed by development of member states and solution of economic crisis of developed countries that are in search of customers for their products.”The managing director of Bank-e-Sepah expressed his hopes that the idea of establishing this bank be approved in the upcoming NAM summit in Iran./129