BRICS to speed up creation of development bank

Monday, November 17, 2014

China and South Africa emphasized the need to speed up the creation of the BRICS development bank to finance infrastructure and sustainability works.

According to international press reports, the bank would reduce Western dominance in the financial system.

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In July, emerging economies Brazil, China, India, Russia and South Africa – known by the acronym BRICS – announced a plan to create a development bank that would operate like the World Bank and the International Monetary Fund (IMF).

The bank will have US$100bn in authorized capital, with the five member nations initially underwriting US$10bn each.