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New Development Bank: Importance and Role in Sustainable Economic Development
MUDRA Journal of Finance and Accounting
As of 2014, the five BRICS countries represent almost 3 billion people which is 40% of the world population, with a combined nominal GDP of US$16.039 trillion (20% world GDP) and an estimated US$4 trillion in combined foreign reserves. As of 2014, the BRICS nations represented 18 percent of the world economy. BRICS leaders have approved creating a New Development Bank which would fund long-term investment in infrastructure and more sustainable development. It then estimates the likely level ofdoi:10.17492/mudra.v2i2.9665 fatcat:tlb7bd647fbv3jl3gtpdkobuwq