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BRICS countries establish alternate funds to rival the IMF

Emerging BRICS powerhouse agrees to establish US$50B bank, US$100B crisis fund

JULY 17, 2014 | BY  |  Fortaleza, Brazil – The BRICS group of emerging powers met on Wednesday with South American presidents as they justified the creation of a development bank, seen as an alternative to Western-dominated global financial organizations.

The leaders of Brazil, Russia, India, China and South Africa (BRICS) held closed-door talks in Brasilia with counterparts from Argentina, Chile, Colombia, Ecuador, Venezuela and other Latin American nations.

President Donald Ramotar (3rd back) with leaders who attended the meetings in Brazil.

President Donald Ramotar (3rd back) with leaders who attended the meetings in Brazil.

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