29 March 2013
BRICS States Decide to Establish New Development Bank
On Wednesday 27 March 2013, the BRICS states (Brazil, Russia, India, China and South Africa) decided to establish a new development bank to counter-weigh the influence of the IMF and the World Bank. The decision was taken at a Summit in Durban, South Africa. The new development bank is meant to provide for a 100 billion dollar Contingency Reserve Arrangement to tackle any financial crisis in emerging economies, but the details of the bank, in particular its capital stock, structure and location, have yet to be worked out.