Leaders of the Brics (Brazil, Russia, India, China and South Africa) group of nations on 5 September 2013 announced to set up a 100 billion US dollar fund to steady currency markets destablised by an expected pullback of US monetary stimulus. The announcement was made at the meeting of BRICS leaders. Brazil, India and Russia committed 18 billion dollars each while China announced 41 billion US dollars. South Africa announced 5 billion US dollars.
BRICS had earlier planned to set up 240 billion US dollars fund.
Earlier this year, Brics nations had discussed the formation of a new development bank to fund infrastructure and development projects throughout the developing nations.
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