Brics nations launch development bank
Development designed to fund financial infrastructure improvements
Leaders from Brazil, Russia, India, China and South Africa have launched a development bank, which will help to build a financial infrastructure to allow transactions in these five countries to be settled in their own currencies.
The new institution, commonly referred to as Brics Bank, has been created for the purpose of mobilising resources for infrastructure and sustainable development projects in emerging and developing economies.
Initially, the five countries will contribute $50 billion to
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