The leaders of the Brics Countries Brazil, Russia, India, China and South Africa — collectively known as the BRICS — “agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank which will be like a “Bric fund” , funded and managed by the BRICS and other developing countries,” said Prime Minister Manmohan Singh of India.
Brazil and India sign six pacts in BRICS Summit Including BRIC Fund
A day after the BRICS summit, India and Brazil Friday decided to step up efforts to push the UN reforms and signed half a dozen pacts in areas ranging from science and biotechnology to cultural exchanges. This Includes a BRIC fund to be set up in the form of a Development Bank for these and other growing economies.
The BRICS that were initially just BRIC but now BRICS with the inclusion of South Africa as well met at New Delhi on Thursday for their fourth annual summit. Brazil, Russia, India and China became the ‘BRICs’ in a 2001 by Goldman Sachs in a report looking at the developing nations which may in time challenge the collective economic might of the G7. They discussed plans a the Brics Conference towards establishing a development bank that could one day serve as an alternative to the World Bank.
Together, the BRICS nations make up more than 40% of the world population and one-fifth of the global economy. On Thursday, the BRICS grouping including Brazil, Russia, India, China and South Africa called for dialogue to resolve the Iranian nuclear standoff and the Syria crisis.
Growth in BRICS Countries and BRIC FUNDS & INVESTMENTS
Brazil has seen its once rapid blistering economy slow to an estimated 2.7% this year. Russia’s recovery from the global recession has been slow compared with other developing economies even though they had a good year with oil and gas earnings due to the mediterranen conflict, the World Bank said in a report this week. Growth in India has steadily fallen in the last 2 years due to inflation int eh county and other external factors