17 Jul 2014
BRICS summit in Fortaleza
New agreement on development bank
Leaders of the five BRICS nations agreed on the structure of a $50 billion development bank. At the meeting, which took place in Fortaleza, the leaders also formalized the creation of a $100 billion currency exchange reserve, which member states can tap in case of balance of payment crises, according to a statement issued at the summit.
Both initiatives, which require legislative approval, are designed to provide an alternative to financing from the International Monetary Fund and the World Bank, where BRICS countries have been seeking more say.