BRICS set up New Development Bank

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Middle East & Africa, Americas, Asia-Pacific, Europe

Jonathan Bell

Editor-in-chief

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In a landmark development, the leaders of the BRICS countries - Brazil, Russia, India, China and South Africa – have signed a treaty to set up a BRICS development bank, to be known as the New Development Bank. The agreement was signed at the 6th BRICS summit held in Fortaleza, Brazil.