BRICS agree development bank, liquidity backstop

BRICS agree development bank, liquidity backstop

Bonds Structured Finance

Brazil has agreed to set up a cross-border development bank with China, India, Russia and South Africa. The bank, which is authorized to have $100bn in capital, comes alongside plans by the five countries to set up a $100bn liquidity backstop. The lender will be termed the New Development Bank. The BRICS countries advanced plans for the institution on Tuesday at the same time as they criticized the IMF’s governance structure, saying the Fund needed to better reflect the weight of emerging market

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