Brazil finalizes details to host the VI BRICS summit
The Brazilian city of Fortaleza completed on sunday preparations to receive from Monday the VI Summit of the BRICS, the forum formed by Brazil, Russia, India, China and South Africa in which large emerging economies will announce the creation of a bank of joint development.
The meeting will be held at the Events Center of Ceará, and is expected that the leaders of the five countries set the foundation for a new global financial structure.
The establishment of the Development Bank called the BRICS and the formalization of the Contingency Reserve Agreement, CRA, are the pillars of this new structure which aims to become an alternative to the IMF and World Bank, dominated by the U.S. and Europe.
Initially, the bank will receive $50,000 million from the member countries, of which each country will contribute a fifth part, for the financing of infrastructure projects and development of the BRICS members as well as the poorer countries of Africa and Latin America.