BRICS TO CREATE DEVELOPMENT BANK

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FORTALEZA, Brazil: Leaders of the BRICS group of emerging powers meet on Tuesday to launch a new development bank and a reserve fund seen as counterweights to Western-led financial institutions. Brazilian President Dilma Rousseff hosts the leaders of Russia, India, China and South Africa in Fortaleza on Tuesday before talks with South American leaders the next day in Brasilia. The summit will mark the first face-to-face meeting between India’s new Hindu nationalist Prime Minister Narendra Modi and Chinese President Xi Jiping. BRICS groups Brazil, Russia, India, China and South Africa.

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AFP

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