“BRICS Nations Launch $100 Billion Sustainable Development Bank” – Justmeans – July 23, 2014

In a blog entry published on Justmeans on July 23, 2014 Vikas Vij reports that the BRICS nations – Brazil, Russia, India, China and South Africa – have established “the New Development Bank (NDB) …  with an initial capital of $50 billion, with each of the five BRICS nations contributing $10 billion. The capital base will be used to finance sustainable development and infrastructure projects in the BRICS nations initially, but other low-income countries will be eligible to apply for funding. The BRICS bank will also have a $100 billion Contingency Reserve Arrangement (CRA), which will provide additional liquidity protection to member nations in the event of a balance of payments crisis.”

You may read the blog entry on the Justmeans internet site.