Leaders of the BRICS group of emerging powers huddled Tuesday in Brazil to launch a new development bank and a reserve fund seen as counterweights to Western-led financial institutions.
Brazilian President Dilma Rousseff welcomed the leaders of Russia, India, China and South Africa in Fortaleza on Tuesday before expanded talks with South American leaders the next day in Brasilia.
Rousseff told reporters before the summit that the bank would help the nations invest in infrastructure projects.
She said the $100 billion contingency fund would be a "safety net" to contain "volatility faced by various economies when the United States exits its expansionary monetary policy."
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