BRICS leaders create emergency reserve fund, development bank

July 16, 2014 01:01

The leaders of the group of five BRICS emerging market countries signed on Tuesday a deal to create a new development bank and an emergency reserve fund, Brazil's President Dilma Rousseff announced at a summit of the group in the Brazilian city of Fortaleza.

The BRICS group consists of Brazil, Russia, India, China and South Africa.

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