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BRICS Launches New Development Bank

In July, nations known as the “BRICS,” Brazil, Russia, India, China and South Africa, announced the creation of a new, $100 billion development bank (NDB). The project is aimed at lending money to developing nations for investments, much like how the American and European-backed International Monetary Fund (IMF) and World Bank operate. Liu Haifang, a professor at Peking University’s Center for African Studies, said the bank will provide developing countries with more options for...

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