RUSSIA TODAY - July 15, 2014
The group of emerging economies signed the long-anticipated document
to create the $100 bn BRICS Development Bank and a reserve currency pool
worth over another $100 bn. Both will counter the influence of
Western-based lending institutions and the dollar.
The new bank will provide money for infrastructure and
development projects in BRICS countries, and unlike the IMF or
World Bank, each nation has equal say, regardless of GDP size.
Each BRICS member is expected to put an equal share into
establishing the startup capital of $50 billion with a goal to
reach $100 billion. The BRICS
bank will be headquartered in Shanghai,
India will preside as president the first year, and Russia will
be the chairman of the representatives.
“BRICS Bank will be one of the major multilateral development
finance institutions in this world,” Russian President
Vladimir Putin said on Tuesday at the 6th BRICS summit in
Fortaleza, Brazil.
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