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| BRICS nations to create $100bn development bank | BRICS nations to create $100bn development bank |
| (35 minutes later) | |
| The leaders of the five BRICS countries have signed a deal to create a new $100bn (£583m) development bank and emergency reserve fund. | The leaders of the five BRICS countries have signed a deal to create a new $100bn (£583m) development bank and emergency reserve fund. |
| The BRICS group is made up of Brazil, Russia, India, China and South Africa. | The BRICS group is made up of Brazil, Russia, India, China and South Africa. |
| The capital for the bank will be split equally among the five participating countries. | The capital for the bank will be split equally among the five participating countries. |
| The bank will have a headquarters in Shanghai, China and the first president for the bank will come from India. | The bank will have a headquarters in Shanghai, China and the first president for the bank will come from India. |
| Brazil's president, Dilma Rouseff, announced the creation of the bank at a BRICS summit meeting in Fortaleza, Brazil on Tuesday. | |
| A new player | A new player |
| At first, the bank will start off with $50bn in initial capital. | At first, the bank will start off with $50bn in initial capital. |
| The emergency reserve fund - which was announced as a "Contingency Reserve Arrangement" - will also have $100bn, and will help developing nations avoid "short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements". | The emergency reserve fund - which was announced as a "Contingency Reserve Arrangement" - will also have $100bn, and will help developing nations avoid "short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements". |
| The creation of the BRICS bank will almost surely create competition for both the World Bank and other similar regional funds. | The creation of the BRICS bank will almost surely create competition for both the World Bank and other similar regional funds. |
| BRICS nations have criticised the World Bank and the International Monetary Fund for not giving developing nations enough voting rights. | BRICS nations have criticised the World Bank and the International Monetary Fund for not giving developing nations enough voting rights. |
| One of the goals for the bank - whose creation has been discussed for some time - would be to increase the amount of money loaned to developing countries to help with infrastructure projects. | One of the goals for the bank - whose creation has been discussed for some time - would be to increase the amount of money loaned to developing countries to help with infrastructure projects. |