Emerging countries in BRICS group has constituted a law to set up a Shanghai-based development bank, To counter the other groups infrastructure assistance banks from developed countries.
The BRICS partners Brazil, Russia, India, China and South Africa has came to a conclusion that the group should direct the assistance of infrastructure projects in various countries to emerge as developed countries, in this bank each country will pose $10 billion as a common share.
Brazil president Dilma Rousseff said “These initiatives show that, despite our diversity, our countries are committed to a solid and productive association”.BRICS leaders have pressed for reform of the International Monetary Fund to give developing countries more voting rights.
