July 10, 2015 (LBO) – Emerging economies, Brazil, Russia, India, China and South Africa (BRICS) launched a development bank and a currency pool, Thursday, foreign media reports said.
“Countries attending a two-day summit in Russia for the world’s emerging economies, known as BRICS, have launched their biggest initiative to date: a development bank and a currency pool,” the report said.
The BRICS account for a fifth of the world’s economic output and 40 percent of its population.
The group’s New Development Bank will finance joint, large-scale projects from next year.
Speaking at the event Russian president Vladimir Putin encouraged the expansion of trade among the BRICS.
“We are worried about the situation in the markets, the high volatility of energy prices and raw material commodities, and the accumulation of sovereign debt by some big countries,” the media report quoted him as saying.
“In these circumstances, the countries of BRICS have to more actively enable their own resources and internal reserves.”