BRICS Ink $50 Billion Lender in World Bank, IMF Challenge

The five BRICS leaders - Russia, India, Brazil, China and South Africa hosted 133 countries at the 6th BRICS Summit held this year July 14-16 in Fortaleza, Brazil. On July 14, the five BRICS nations signed the "New Development Bank" (NDB) into being. The NDB is a direct rival to the IMF, the FED, the BIS and the World Bank.

July 17, 2014