Tuesday, July 15, 2014

BRICS summit to start a new development bank

The BRICS Summit on 15-07-2014 decided to establish the new development bank with an initial authorised capital of USD 100 billion for which the initial subscribed capital will be equally shared by the founding members, a point New Delhi emphasised to prevent by domination by anyone of the members.

A currency reserved pool mechanism has also been agreed upon.


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