Bric Development Bank Capital to Reach $50 Billion, Brazil Says
A contingency reserve fund will have lines of credit of between $90 billion and $120 billion, Carlos Cozendey, the finance ministry’s secretary for international affairs, said in an interview in Brasilia. The fund is designed to address possible balance of payment difficulties between Brazil, Russia, India, China and South Africa.
Non-Bric countries may also join the bank, Cozendey said.
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