Bric nations will create a development bank funded with approximately $50 billion at their March 26-27 summit in South Africa, a Brazilian finance ministry official said.
A contingency reserve fund will have lines of credit of between $90 billion and $120 billion, Carlos Cozendey, the finance ministry’s secretary for international affairs, said in an interview in Brasilia. The fund is designed to address possible balance of payment difficulties between Brazil, Russia, India, China and South Africa.
Non-Bric countries may also join the bank, Cozendey said.
To contact the reporters on this story: Raymond Colitt in Brasilia Newsroom at firstname.lastname@example.org; Arnaldo Galvao in Brasilia Newsroom at email@example.com
To contact the editor responsible for this story: Andre Soliani at firstname.lastname@example.org