Path to Industrial Development.
BRICS stands for Brazil, Russia, India, China, and South Africa. BRICS are moving away from IMF/World Bank which are Western institutions that set world economic and political agendas. They have recently formed the BRICS Development Bank to help stabilize their economies during global financial meltdowns and crisis as well as to assist third world countries to borrow without undue conditionalities.
They have set-up a USD 100 Billion stabilization fund as the seed capital for the bank with growth projections to follow in phased out development programmes.
The agenda for BRICS has considerably winded over the year to encompass topical global issues such as political developments of relevance like situation in Middle East and North Africa region, Afghanistan, Iran and Syria, institutions of global governance such as UN, IMF, World Bank Group, international terrorism, climate change, food and energy security, Millennium Development Goals (MDG's), as well as international, financial and economic status.
Reference Link www.bricscci.com
