For the fund, China will make the biggest contribution, $US41bn, followed by $US18bn from Brazil, India and Russia and $US5bn from South Africa. "The BRICS want to create alternatives, a type of global monetary policy more in tune with the realities of emerging countries," said Andre Perfeito, chief economist at Gradual Investimentos consultancy.
The BRICS are "countries with enormous potential that can gain many benefits for themselves but also for a new economic and international political order," said senior Brazilian foreign ministry official Jose Alfredo Graca Lima.
They are now seeking to break the European, US and Japanese domination of financial institutions. "The BRICS unite a group of nations with different, even opposed, interests," said Oliver Stuenkel, author of BRICS and the Future of Global Order and professor at the Getulio Vargas Foundation.
Read more here: Business Spectator