Can BRICS counter the West? - Inside Story - Al Jazeera English

The New Development Bank, announced at
the sixth BRICS summit in Fortaleza, Brazil, will fund infrastructure
projects in the founding members' countries, as well as in developing
nations.


With its headquarters in Shanghai,
China, and someone from India expected to be its first president, the
bank will start out with $50bn in capital, with each BRICS country
contributing an equal amount.


Total capital is expected to eventually double to $100bn.


A so-called Contingent Reserve
Arrangement will also be created, in which each country will put in a
designated amount in case of a currency crisis.


The contingency fund will amount to $100bn, with China contributing
$41bn, followed by Brazil, Russia, and India putting in $18bn each, and
South Africa chipping in $5bn.


But do the BRICS nations have enough
in common to sustain a shared institution? And will it give them a
bigger political say on the world stage?

Can BRICS counter the West? - Inside Story - Al Jazeera English