BRICS To Locate New Development Bank In Shanghai

The leaders of the BRICSs countries agreed Tuesday, July 15th, to set up a new development bank aimed at financing infrastructure projects in the founding members of Brazil, Russia, India, China and South Africa and other emerging-market countries as well. The reserve fund and Shanghai-based development bank are seen as alternatives to Western-led institutions. A new world bank As reported earlier, the leaders of BRICS countries are in meetings ending July 17 to weave together plans to create a $100 billion bank to compete with the World Bank and International Monetary Fund. Earlier, negotiations over the location of the new…