BRICS nations launch new development bank at summit in Brazil

A new international development bank and multi-billion emergency lending pool are set to be launched by Brazil, Russia, India, China and South Africa. The move comes at a summit meeting of BRICS leaders in Brazil.

The "New Development Bank" (NDB) is intended to compete with the World Bank and its private lending arm, the International Finance Corporation (IFC), by making it easier and quicker for developing countries to gain access to large-scale financing for infrastructure projects.

The BRICS will also set up a $100 billion (73.5 billion euros) joint US dollar currency reserve pool called the Contingent Reserve Arrangement (CRA), in order to provide emergency cash to BRICS countries faced with short-term currency crises or balance-of-payments problems, Russian Finance Minister Anton Siluanov has told reporters in Moscow.

Read more: BRICS nations launch new development bank | Business | DW.DE | 14.07.2014