To link to this article, copy this persistent link:
http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403532_text

(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 Durban, South Africa, where the bloc, which consists of Brazil, Russia, India, China, and South Africa, discussed how to maintain growth in the midst of the global economic crisis. (Luciano Nascimento, Brics Fecha Acordo para Criar Banco do Grupo, AGÊNCIA BRASIL (Mar. 26, 2013).)

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. (Id.)

Author: Eduardo Soares More by this author
Topic: Banks and financial institutions More on this topic
Jurisdiction: Brazil More about this jurisdiction

Search Legal News
Find legal news by topic, country, keyword, date, or author.

Global Legal Monitor RSS
Get the Global Legal Monitor delivered to your inbox. Sign up for RSS service.

The Global Legal Monitor is an online publication from the Law Library of Congress covering legal news and developments worldwide. It is updated frequently and draws on information from the Global Legal Information Network, official national legal publications, and reliable press sources. You can find previous news by searching the GLM.

Last updated: 03/29/2013