Development Banks from the BRICS
Journal: OpenDocs (Institute of Development Studies)
Year: 2015

The BRIC acronym was created at the beginning of the 2000s to represent a group of four&#13;\nfast-growing economies – Brazil, Russia, India and China – and was changed to BRICS in&#13;\nDecember 2010 with the inclusion of South Africa. At its fifth annual summit in Durban at the end of March 2013, the group announced the future establishment of a New Development Bank (NDB) to meet infrastructure investment needs in the developing world. At their sixth annual summit in Fortaleza the following ye