PO BAG 1: BRICS

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16 July 2014

BRICS nations agree to create own development bank

Leaders of the BRICS nations, from left, Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazil's President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma, pose for a group photo during the BRICS summit in Fortaleza, Brazil, Tuesday, July 15, 2014. The leaders of the BRICS nations are expected to officially create a bailout and development fund worth $100 billion. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe.

The leaders of five emerging market powers said at a summit Tuesday that they gave final agreement to creating their own development bank worth $100 billion that will have its headquarters in China.

The first president of the New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa — the so-called BRICS nations, a joint statement from the leaders said.