(CAP) BRICS Nations Start Development Bank

http://m.voanews.com/a/reu-russian-foreign-minister-says-brics-stand-against-western-sanctions/1958051.html

Leaders of the five BRICS nations – from left, Russia’s Vladimir Putin, India’s Narendra Modi, Brazil’s Dilma Rousseff, China’s Xi Jinping and South Africa’s Jacob Zuma – approved a development bank while meeting in Brazil, July 15, 2014.
Leaders of the five BRICS nations – from left, Russia’s Vladimir Putin, India’s Narendra Modi, Brazil’s Dilma Rousseff, China’s Xi Jinping and South Africa’s Jacob Zuma – approved a development bank while meeting in Brazil, July 15, 2014.

Leaders of the BRICS emerging market nations launched a $100 billion development bank and a currency reserve pool Tuesday.

The bank, aimed at funding infrastructure projects in developing nations, will be based in Shanghai. India will preside over its operations for the first five years, followed by Brazil and then Russia, leaders of the five-nation group announced at a summit.5D165130-5A90-439C-B415-18FB425E78BD_cx0_cy4_cw0_w728_r1_s5D165130-5A90-439C-B415-18FB425E78BD_cx0_cy4_cw0_w728_r1_s

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