by Editor | July 16, 2014 2:47 am
BBC – The leaders of the five Brics countries have signed a deal to create a new $100bn (£58.3bn) development bank and emergency reserve fund.
The Brics group is made up of Brazil, Russia, India, China and South Africa.
The capital for the bank will be split equally among the five participating countries.
The bank will have a headquarters in Shanghai, China and the first president for the bank will come from India.
Brazil’s President, Dilma Rousseff, announced the creation of the bank at a Brics summit meeting in Fortaleza, Brazil on Tuesday.
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