Africa: The Brics New Development Bank and Currency Reserve Arrangement At a Glance

As the BRICS meet in Fortaleza, Brazil from 15-17 July 2014, attention is once again on the group's efforts to established two new financial institutions: the New Development Bank and the Contingent Reserve Arrangement. Negotiations are underway on both and, while it remains uncertain that they will be officially launched in Fortaleza, substantial progress is expected to be announced at the summit.

The New Development Bank

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