Font: The Economist
The BRICS countries(Brazil, Russia, India, China and South Africa) would be a stronger economic potency and development a their " World Bank"
The plan of establishing the bank was announced during the BRICS summit in New Delhi.
"If implemented this would be the first joint financial enterprise by the five countries, which account for 45 percent of the world's population and a quarter of its economy at $13 trillion" (Font:The Economist)
The raison of this proposal is to found in the fact that existing multilateral financial Institutes have not proved effective in sponsoring various activities in developing countries, in the period of crisis.
The heart of the matter is that the economies of the BRICS countries are not growing rapidly and they are also great. China, Brazil, India and Russia are amounted respectively to the 2 nd, 7 th, 9 th and 11 th place among the largest economies today, this terrifies the West of the Word.