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…
BRICS To Locate New Development Bank In Shanghai
Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports
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