BRICS nations to set up development bank to bypass World Bank and IMF

The establishment of the BRICS bank will provide the emerging economies in Africa and the Caribbean with an alternative to the IMF and World Bank

(Bloomberg) - The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund (IMF).

The leaders of the BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the

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