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BRICS Nations Form New Development Bank

News outlets report on the establishment of a new development bank by the BRICS nations (Brazil, Russia, India, China, and South Africa).

Agence France-Presse: BRICS, South American leaders seek alternative to U.S. influence
“Leaders of the BRICS group of emerging powers will hold a summit Wednesday with South American presidents, bringing together nations seeking alternatives to U.S. influence in the region. … The gathering follows a BRICS-only summit Monday in the northeastern seaside city of Fortaleza, where the five nations agreed to create a development bank and a crisis reserve fund seen as rivals to Western-dominated financial institutions…” (7/16).

BBC News: BRICS nations to create $100bn development bank
“The leaders of the five BRICS countries have signed a deal to create a new $100 billion (£58.3 billion) development bank and emergency reserve fund. … At first, the bank will start off with $50 billion in initial capital…” (Watson, 7/15).