News Summary: BRICS plan bank for infrastructure

News Summary: BRICS plan development bank to fund infrastructure, details still being sorted

Associated Press

PUTTING MONEY WHERE MOUTH IS: Leaders of the five BRICS nations fueling global economic growth agreed to create a development bank to help fund their $4.5 trillion infrastructure plans — a direct challenge to the World Bank that they accuse of Western bias.

DEVIL'S IN DETAILS: The countries were unable to agree on some basic issues including how much capital the bank would need.

WHAT'S NEW: The development bank would be the first institution of the informal BRICS forum which was started in 2009 amid the economic meltdown to chart a new and more equitable world economic order.

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