New development bank by BRICS
India had mooted the proposal in the last summit at Delhi to create a development bank with a corpus of 50 billion dollars with contribution of 10 billion dollars from each member.
This bank will finance infrastructure and to create a $100 billion Contingency Reserve Arrangement to tackle any financial crisis in the emerging economies.
www.colonelthakur-currentaffairs.blogspot.in
India had mooted the proposal in the last summit at Delhi to create a development bank with a corpus of 50 billion dollars with contribution of 10 billion dollars from each member.
This bank will finance infrastructure and to create a $100 billion Contingency Reserve Arrangement to tackle any financial crisis in the emerging economies.
www.colonelthakur-currentaffairs.blogspot.in
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