BRICS Development Bank To Be Set in Shanghai, CEO To Be Indian, Board Chairman To Be Brazilian

Brazil, Russia, India, China and South Africa, known collectively by the acronym BRICS, on Tuesday concluded a two-day summit in Fortaleza, Brazil, by announcing the creation of a joint development bank to finance global infrastructure projects. The BRICS Development Bank will provide an alternative for countries wary of the World Bank and the International Monetary Fund, organizations accused of attaching stringent and unfair conditions to their loans.