As already mentioned 2 days ago here, the Anti-Dollar Alliance among the BRICS has successfully created a so-called "mini-IMF", since the BRICS are clearly furious with the IMF as it stands currently.
This is what the world's developing nations just said on this topic "We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF’s legitimacy, credibility and effectiveness."
As Putin explains, this is part of "a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies."
Initial capital for the BRICS Bank will be $50 Billion - paid in equal share among the 5 members and will see India as the first President.
The BRICS Bank will be based in Shanghai and chaired by Russia.
Furthermore, "We are pleased to announce the signing of the Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion.
This arrangement will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements. We appreciate the work undertaken by our Finance Ministers and Central Bank Governors.
The Agreement is a framework for the provision of liquidity through currency swaps in response to actual or potential short-term balance of payments pressures."
The full Fortaleza Declaration can be found here.