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Brics nations agree development bank

16 July 2014 Last updated at 05:35 BST

The leaders of the five Brics countries have signed a deal to create a new $100bn (£58.3bn) development bank and emergency reserve fund.

The Brics group is made up of Brazil, Russia, India, China and South Africa.

The capital for the bank will be split equally among the five participating countries.

The BBC's South America business correspondent Katy Watson explains from Fortaleza, where the leaders have been meeting.

Watch more reports on Asia Business Report's website.

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