5 Things to Know About the New BRICS Bank - WSJ

5 Things to Know About the New BRICS Bank - WSJ:



"Meeting in the Brazilian city of Fortaleza last week, leaders of the five BRICS nations – Brazil, Russia, India, China and South Africa – finally put some flesh on the bones of a long-awaited plan to set up a new development bank to rival the World Bank.



The World Bank’s original purpose was to make loans at concessional rates for big infrastructure projects, though recently it has focused more on poverty alleviation, resource management and policy advice. The bank aims to cover its costs, but not to turn a profit.



Here are five observations to put the BRICS alternative in perspective."



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