Last week Brazil, Russia, India, China and South Africa (BRICS) announced they are joining forces to establish a BRICS alternative to the World Bank. The BRICS bank will be capitalised to the tune of $50 billion or about the same size as the World Bank's loan to Brazil.
While the size of the initial capital allocation does not stack up in comparison to the World Bank's, this could still prove to be a significant opportunity to change the global system more in favour of the developing world.
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