BRICS Development Bank launched, first president to be from India

July 16, 2014 01:02

The BRICS group of emerging powers launched a $50 billion development bank on Tuesday to be based in Shanghai and a $100 billion crisis contingency fund, according to a joint declaration.

The new development bank's first president will be from India while the board's chairman will be Brazilian, according to the declaration released at a summit in Fortaleza, Brazil.

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