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Image header Agence Europe
Europe Daily Bulletin No. 11118
Contents Publication in full By article 28 / 36
ECONOMY - FINANCE - BUSINESS / (ae) economy

BRICS to discuss creation of financial institutions

Brussels, 09/07/2014 (Agence Europe) - At a summit in Fortaleza (Brazil) on Tuesday 15 and Wednesday 16 July, the BRICS (Brazil, Russia, India, China and South Africa) will discuss the creation of a development bank and a reserve fund.

The development bank and the reserve fund would work together with the World Bank and International Monetary Fund. The development bank would have US$100 billion in reserves, half in the form of cash (US$10 billion per country, see EUROPE 10916). It will be...

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