The BRICS Development bank is almost certain to be officially establish in July in Brazil. The South African Government says member states have agreed on nearly all the finer details to establish the bank. Treasury held a round-table discussion on the sidelines of the African Development Bank Annual Meetings in Rwanda.
BRICS agree to capitalize development bank at $100bn — RT Business
The BRICS nations have decided to fund their development bank with $100 billion. The reserves are aimed at financing joint development ventures, and are set to rival the dominance of the World Bank and the IMF.BRICS Nations Plan New Bank to Bypass World Bank, IMF - Bloomberg
“At the final stage of realization - the initiative to create
a BRICS forex reserve pool – the size of its capital has been
agreed at $100 billion,” Russian President Vladimir Putin
said while opening the G20 Summit in St. Petersburg.
The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.
Can the BRICS Have Their Own World Bank? - Businessweek
The five countries known as the BRICS have 43 percent of the world’s population, $4.4 trillion in currency reserves, and generally healthier economic growth than Europe and the U.S. Yet to their frustration, Americans and Europeans still dominate policymaking at the World Bank and the International Monetary Fund.