The leaders of the BRICSs countries agreed Tuesday, July 15th, to set up a new development bank aimed at financing infrastructure projects in the founding members of Brazil, Russia, India, China and South Africa and other emerging-market countries as well.
The reserve fund and Shanghai-based development bank are seen as alternatives to Western-led institutions.
A new world bank
As reported earlier, the leaders of BRICS countries are in meetings ending July 17 to weave together plans to create a $100 billion bank to compete with the World Bank and International Monetary Fund.
Earlier, negotiations over the location of the new bank were said to be deadlocked. However, contrary to the earlier expectations, Setup a free account to get access to this article (no credit card required).Login required to continue reading.
