Brics eye infrastructure funding through new development bank

Five giants of the developing world have in principle agreed to create a development bank to provide initial funding for infrastructure projects worth $4.5tn (£3tn), in a potentially historic challenge to western-dominated financial institutions. The leaders of Brazil, Russia, India, China and South Africa – known as the Brics – sat together on stage in a highly symbolic show of unity in Durban, South Africa. The keynote phrase was "new paradigm" – and western politicians were conspicuously absent.

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