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(Mar 29, 2013) On March 26, 2013,the BRICS bloc announced that its members had reached an agreement to create a development bank to finance infrastructure projects. The announcement was made during a meeting in
The new bank will finance a group of emerging countries, focusing on the financing of infrastructure, much like the World Bank does. It is expected that each state that is a member of the bloc will contribute the equivalent of US$10 billion to help launch the bank. The bloc also discussed the creation of a fund of approximately US$100 billion to help countries facing financial problems. (
|Author:||Eduardo Soares More by this author|
|Topic:||Banks and financial institutions More on this topic|
|Jurisdiction:||Brazil More about this jurisdiction|
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Last updated: 03/29/2013