BRICS form €50 billion development bank to challenge IMF, World Bank

Leaders of the five BRICS nations have agreed on the structure of a $50 billion development bank by granting China its headquarters and India its first rotating presidency.

16th July, 2014
The BRICS share of world exports rose to 16 per cent in 2011, from 8 per cent in 2001

Leaders of the five BRICS nations have agreed on the structure of a $50 billion development bank by granting China its headquarters and India its first rotating presidency. Brazil, Russia and South Africa were also granted posts or units in the new bank.

The leaders also formalised the creation of a $100 billion currency exchange reserve, which member states can tap in case of balance of payment crises, according to a statement issued at a summit...

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