BRICS countries to launch Bank?

The BRICS countries, Brazil, Russia, India, China and South Africa had planned for a pooled fund with $ 10 billion each as deposit and $ 40 billion as guarantees, with a total of $100 billion pool to fund development activity in member nations. The plan is being worked out now and in the next BRICS summit to happen in July, the nations may sign a treaty paving way for lending to start within two years.

Medaram Jathara

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