BRICS establish $100bn bank to cut out Western dominance — RT Business

BRICS establish $100bn bank to cut out Western dominance — RT Business:

(L to R) Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma join their hands during the official photograph of the 6th BRICS summit in Fortaleza, Brazil, on July 15, 2014 (AFP Photo)

"The emerging economies signed a long-anticipated document to create a $100 billion BRICS Development Bank. The institution will counter the influence of Western lending firms as well as the dollar.



The new bank will provide money for infrastructure and development projects in BRICS countries.



The countries’ finance ministers signed the memorandum of understanding in Fortaleza, Brazil on Tuesday, the first day of the BRICS 6th summit. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also inked."



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