Brics nations launch development bank and reserve fund


Leaders from Brazil, Russia, India, China and South Africa launched a new development bank and reserve fund yesterday, a major step towards reducing their dependence on the existing, western-dominated, multilateral organisations.

The development bank – commonly referred to as the ‘Brics Bank' – has been created for the purpose of "mobilising resources for infrastructure and sustainable development projects" in emerging and developing economies. It has an authorised capital of $100 billion.

The C

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: