India To Head BRICS' $100 Billion New Development Bank

At a meeting in Brazil on Tuesday, the leaders of Brazil, Russia, India, China and South Africa announced they were establishing a development bank to challenge the influence of venerable institutions like the World Bank and the International Monetary Fund. The New Development Bank, which will be based in Shanghai, will open with an initial capitalization of $50 billion. India will name the first president, according to a statement from the leaders of the so-called BRICS group of nations who have gathered in the northeastern city of Fortaleza, and Russia and Brazil will select other top officers.