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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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Brazil's President Dilma Rousseff, left, and China's President Xi Jinping pose for a photo during the BRICS 2014 summit in Fortaleza, Brazil, Tuesday, July 15, 2014. At the summit beginning Tuesday, Brazil, Russia, India, China and South Africa —the so-called BRICS countries, will unveil a $100 billion fund to fight financial crises, their version of the IMF. They will also launch a World Bank alternative, a new bank that will make loans for infrastructure projects across the developing world. (AP Photo/Silvia Izquierdo)
Photo by Associated Press
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