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Development bank to top agenda as Brazil hosts sixth BRICs summit

The creation of a $50 billion development bank and $100 billion reserve fund is expected to top the agenda at the summit. According to Bloomberg, “the initiatives are born out of frustration with a lack of participation in global governance, particularly in the World Bank and International Monetary Fund.” However, Bloomberg also notes that the initiatives are still not enough to “revive the group’s waning clout.” Continue Reading