BRICS bank to counter western FIs; 1st president Indian

Fortaleza: Leaders of BRICS created a Shanghai-based development bank & reserve fund to finance infrastructure projects and head off future economic crises, seen as a counterweight to Western financial institutions. It will have capital of $100 billion, funded equally. The first president will be Indian followed by Brazil and then Russia, while the first chair will be from Brazil. Africa Regional Center will be in South Africa. The bank will help developing nations mobilise resources for infrastructure and sustainable development projects. Contingent Reserve Arrangement will have $100 billion to help countries forestall short-term liquidity pressures.

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