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”.
