BRICS Development Bank set to become a reality

A five-country treaty to be signed to provide $50billion in initial capitablization for the new lender

A new development bank to be launched by five major emerging economies will help developing countries to effectively handle the challenges they face, financial experts said.

Leaders from Brazil, Russia, India, China and South Africa (BRICS) are expected to sign a treaty to create a new multilateral bank when they meet in the northern Brazilian city of Fortaleza in July, Reuters reported.