BRICS launches bank to offset Western-dominated financial system

|By:, SA News Editor

The long-awaited New Development Bank has been launched after BRICS (Brazil, Russia, India, China and South Africa) leaders put their finishing touches on the $100B bank and currency reserve pool aimed at reshaping the Western-dominated international financial system centered around the IMF and World Bank.

The launch marks the first big accomplishment by BRICS countries, which account for almost half the world's population.

The bank is scheduled to start lending in 2016. Membership is open to other countries but the capital share of the BRICS cannot fall under 55%.

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