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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, poses for a photo with South African President Jacob Zuma at the BRICS 2014 summit in Fortaleza, Brazil, Tuesday, July 15, 2014. At the summit beginning Tuesday, Brazil, Russia, India, China and South Africa óthe 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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