A new development bank ?

The 4th "Brics" summit was held on March 29th in New Delhi: focus on an annoucement from the heads representatives from these 5 countries.

Brazil, Russia, India, China and South Africa, which represent 20% of the world economic growth, have announced their will to create a development bank, funded by these 5 countries, for infrastructure and development projects.

Minsitries of Finance are going to evaluate this proposal.

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Sources:

Press dispatch from the French Press Agency: http://www.google.com/hostednews/afp/article/ALeqM5i3UGEAxJZBnYlgiPc1bDhN6NeydA?docId=CNG.c5a1057c45747698ffd582cd378115be.1c1  

Website of the event: http://www.bricsindia.in/