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The BRIC Bank is an alternative to the International Monetary Fund and the World Bank
In July last year, President Dilma met in Fortaleza with the Heads of State of Russia, India, China and South Africa (the other BRICS countries). From this historic meeting was born the BRICS Bank, an alternative financing for infrastructure projects for emerging countries (not only the BRICs), that do not get sufficient credit from institutions such as the IMF and World Bank.
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The five emerging countries (Brazil, Russia, India, China and South Africa) that had the highest rates of growth in the last decade, the BRICS have gained increasing influence in the world economy and politics. The consequences of the economic crisis in the US and Europe certainly contributed to this, but the joint, constant dialogue, and the 500% increase in trade between the five countries have enhanced this growth in power.
Together, Brazil, Russia, India, China and South Africa account for 43% of world population and almost 30% of global GDP.
The formation of an economic and political bloc with the BRICS characteristics has been part of the Lula government’s program since the 2002 elections. Since then, the Foreign Ministry has been acting to create what was just an acronym created by the chief economist of Goldman Sachs, Jim O'Neil.
The group, initially only BRIC (without the participation of South African), gained prominence with the global crisis, when, in addition to representing 65% of global GDP growth, began to present new proposals and solutions to old problems of the world economy.undial.