BRICS to Set up Development Bank to Fund Infrastructure

Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank, which they accuse of Western bias. The bank will use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa. It will be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order. President Vladimir Putin on Wednesday gave Russia’s support to the bank but cautioned it “must work on market principles.”—AP

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