BEIJING, July 12 (Xinhuanet) -- The sixth BRICS summit will kick off this Tuesday in Brazil. Chinese President Xi Jinping will attend the summit and join leaders from BRICS nations of Brazil, India, Russia and South Africa to consider setting up a development bank and emergency reserve fund, challenging the Western-run global financial framework that’s been in place since the end of World War Two.
The five economies are expected to sign off on the new institutions after two years of tough negotiations. The BRICS will pool an initial $50 billion dollars for the bank, with each country contributing an equal amount, and seek to gain influence by offering developing nations an alternative to the World Bank and International Monetary Fund, which are dominated by the United States and Europe. The BRICS will also set up a $100 billion contingency pool, which could be available by 2015 to help any of its members if they are hit by a sudden loss of foreign capital.
(Source: CNTV.cn)
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