New Development Bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size. "BRICS Bank will be one of the major multilateral development finance institutions in this world," Russian President Vladimir Putin said on Tuesday at the 6th BRICS summit in Fortaleza, Brazil.
BRICS stands for Brazil, Russia, India, China and South Africa.
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