FORTALEZA, Brazil, July 16 (UPI) -- Brazil, Russia, India, China and South Africa announced the start of a development bank at their Fortaleza, Brazil, summit.
The New Development Bank, to be headquartered in Shanghai and started with a capitalization of $50 billion, will serve the countries -- regarded as emerging nations and collectively known by the acronym BRICS -- in a capacity similar to the World Bank or the International Monetary Fund. Currency reserves of $100 billion will also be available to members for balance of payments issues, the bloc said Tuesday.