New BRICS bank to cater to developing nations

South Africa has injected an atmosphere of greater vibrancy by roping in the entire African continent to the fifth top-level gathering of the world’s five major emerging powers that starts here on Wednesday. The BRICS Summit (Brazil, Russia, India, China and South Africa), with about 12 African leaders and all the continent’s eight regional economic communities attending as interested parties, will announce the setting of an exclusive bank for themselves and the developing world.

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