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Bank In China, President is from India
By: Tupaki Desk | 16 July 2014 4:33 AM GMT
After detailed discussions in BRICS group, Emerging world powers on Tuesday created a Shanghai-based development bank and a reserve fund seen as counterweights to Western-led financial institutions.
The BRICS partners Brazil, Russia, India, China and South Africa agreed to launch the institutions to finance infrastructure projects and head off future economic crises. In counter to G-8 and other organizations financially providing assistance to infrastructure projects in various countries.
Brazilian president Dilma Rousseff said "These initiatives show that, despite our diversity, our countries are committed to a solid and productive association". BRICS leaders have pressed for reform of the International Monetary Fund to give developing countries more voting rights.
The BRICS partners Brazil, Russia, India, China and South Africa agreed to launch the institutions to finance infrastructure projects and head off future economic crises. In counter to G-8 and other organizations financially providing assistance to infrastructure projects in various countries.
Brazilian president Dilma Rousseff said "These initiatives show that, despite our diversity, our countries are committed to a solid and productive association". BRICS leaders have pressed for reform of the International Monetary Fund to give developing countries more voting rights.
