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|BRICS create development bank, emergency fund
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|Author:||wiz [ 16 Jul 2014 08:15 ]|
|Post subject:||BRICS create development bank, emergency fund|
BRICS create development bank, emergency fund
The BRICS (Brazil, Russia, India, China, South Africa) have created their own development bank and emergency currency Fund to counter the western-led World Bank and International Monetary Fund, respectively.
Documents creating the $50-100 billion New Development Bank and the $100 billion reserve currency fund were signed Tuesday, the first day of the 6th BRICS Summit in Fortaleza, Brazil.
The New Development Bank will be head quartered in Shanghai and its first president will be an Indian, for a period of five years.
The BRICS had agreed to create the two institutions at their previous summit, in Durban, south Africa, last year.
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