BRICS create development bank, 'mini-IMF' | Bangkok Post: news

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BRICS create development bank, 'mini-IMF'

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The BRICS group of emerging powers on Tuesday created a Shanghai-based development bank and a reserve fund as alternatives to Western-led institutions. 

Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma at the BRICS summit in Fortaleza, on July 15, 2014

The leaders of Brazil, Russia, India, China and South Africa agreed to launch the institutions to finance infrastructure projects and head off future economic crises.

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