Brics to set up $100bn development bank
July 16 , 2014
Leaders of the five Brics nations signed a deal that will create a $100bn development bank and emergency reserve fund, as per media reports.
Brics comprises Brazil, Russia, India, China, and South Africa. The bank’s capital is to be split equally among the five countries. While the bank’s headquarters will be in Shanghai, its first president will be from India.
Dilma Rousseff, the president of Brazil, announced the bank’s creation on Tuesday, July 15, during the Brics summit at Fortaleza in Brazil.