Russia pledged $18 billion for the BRIC Bank

Despite problems hitting its economy, Russia has pledged to contribute US$18 billion to the reserve fund that will create the US$100 billion BRICS fund that will rival the United States’ dominated global banking institution IMF. The BRICS group is composed of Brazil, Russia, India, China and South Africa, described as five leading emerging economies in the world today.

Moscow’s contribution, ratified via an accord on Saturday by President Vladimir Putin, could be the second biggest to be pooled into the fund. China had promised US$41 billion after an agreement calling for the creation of the fund was signed in Brazil in July 2014.

The main goal of the BRICS bank is basically to provide capital infusion money for infrastructure and development projects in BRICS countries alone

SOURCE – International Business Times

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