Can BRICS development bank become a rival to the World Bank?

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Christian Science Monitor:

BEIJING — China and four other emerging market nations are setting up their own development bank and currency reserve to challenge the Western-dominated international financial system.

 

Frustrated by the failure of the World Bank and International Monetary Fund to give them a bigger say, the five BRICS nations launched a $50 billion bank to fund infrastructure projects and a $100 billion money pool to help members cope with liquidity crises.

 

The bank, to be headquartered in Shanghai, marks the first major agreement between Brazil, Russia, India, China, and South Africa, who in aggregate account for a quarter of global economic output.