BRICS nations agree to create own development bank

The leaders of five emerging market powers said at a summit Tuesday that they gave final agreement to creating their own development bank worth $100 billion that will have its headquarters in China.

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Leaders of the BRICS nations, from left, Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazil's President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma, pose for a group photo during the BRICS summit in Fortaleza, Brazil, Tuesday, July 15, 2014. The leaders of the BRICS nations are expected to officially create a bailout and development fund worth $100 billion. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe. (AP Photo/Silvia Izquierdo)
Photo by Associated Press
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Original article: BRICS nations agree to create own development bank




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