BRICS agree to capitalize development bank at $100bn — RT Business

BRICS agree to capitalize development bank at $100bn — RT Business:

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(RIA Novosti/ Igor Russak)

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.

“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.

Russia, Brazil and India will contribute $18 billion to the BRICS currency reserve pool, while China $41 billion and South Africa $5 billion, according to a press release issued by the BRICS on Thursday.

Earlier this week Russia’s Finance Minister Sergei Storchak said that there were still a lot of “difficult details” to sort out."

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