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BRICS nations plans for scaled down development bank

ARticle by Hiral Vilas

Tuesday, During five nation BRICS Summit 2014 with participation from developing nations Brazil, Russia, India, China and South Africa  created a Shanghai-based development bank, a kind of mini IMF and a scaled down version of IMF bank, this bank will provide a reserve fund seen as alternatives to Western-led institutions for infrastructure projects and head off future economic crises. Summit was held at northeastern city of Fortaleza.

Speaking on the occasion Dilma Rousseff,Brazilian  President said: “We took the historic decision to create the BRICS bank and the reserve agreement — an important contribution to reconfigure the system of international economic governance”.