Fortaleza (Brazil): Brazilian President Dilma Rousseff Tuesday expressed confidence that the expected creation of a BRICS development bank and a reserve fund would benefit developing countries.
Rousseff made the remarks when she left her hotel in this Brazilian city for the opening ceremony of the sixth summit of Brazil, Russia, India, China and South Africa, an emerging-market bloc known as BRICS, Xinhua reported.
During the meeting, the five major developing countries are expected to announce the establishment of the bank and the fund.
With $100 billion in its coffers, the bank will help ensure infrastructure investments in BRICS countries and provide assistance for countries suffering from the economic volatility in the wake of the US' exit from its expansionary monetary policy, Rousseff said.
“It will give security and a kind of protection to the BRICS countries and others,” she added.