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FORTALEZA, Brazil: The BRICS group of emerging powers launched a $50 billion development bank on Tuesday to be based in Shanghai and a $100 billion crisis contingency fund, according to a joint declaration.
The new development bank's first president will be from India while the board's chairman will be Brazilian, according to the declaration released at a summit in Fortaleza, Brazil.
The bank will have an initial subscribed capital of $50 billion followed by an authorized capital of $100 billion, equally shared among Brazil, Russia, China, India and South Africa.
originally posted by: Bassago
a reply to: awakehuman
All in all BRICS seems a good idea. Anything that helps offset IMF control can only help the human race in the long run.
originally posted by: paraphi
If the BRICS want to actually move from being developing nations to advanced industrial nations like the West then they need to consider internal political reform, tackle corruption, income inequality and a bunch of other issues. There are no successful developed nations that are not democracies (hint).
Creating an investment bank is window dressing.