BRICS nations to create $100bn development bank

The leaders of the BRICS countries – Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma met in Fortaleza, Brazil on 15 July 2014

The leaders of the five BRICS countries have signed a deal to create a new $100bn (£58.3bn) development bank and emergency reserve fund.

The BRICS group is made up of Brazil, Russia, India, China and South Africa.

The capital for the bank will be split equally among the five participating countries.

Read more: BBC News – Brics nations to create $100bn development bank.

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