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Finally, it will finance infrastructure projects in places normally neglected by the private sector, and infrastructure projects to support an increased standard of living for all.
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Second, it will fill any current gaps in financing, including access to finance for small and medium enterprises. First, it will respond to developing countries needs as opposed to the priorities of the lending institution. In its most successful form, it is hoped that the bank will achieve three things. This lack of information makes it difficult to gauge what the bank will and will not do, and therefore difficult to judge the kind of impact it is likely to have on global development. The location, leadership, start-up capital or indeed how the head of the bank will be chosen and other pivotal decisions made, have yet to be determined and no timeline on progress has been released. The leaders have positioned it as an institution to finance long-term infrastructure projects within the Brics countries, expanding to other low-income countries only after taking domestic actions. Very little concrete information has been released on the proposed development bank.
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However, the details on how to do this seem to have been hard to agree on. The Brics members have been able to quickly establish a common purpose to diversify the current international financial institutions to be more inclusive and representative of today's economic realities. The statement was based on a report by their finance ministers suggesting that a Brics development bank was feasible and viable, inspiring the heads of state of the member nations to conclude: "The initial contribution to the bank should be substantial and sufficient for the bank to be effective in financing infrastructure." Anticlimactic to say the least. Nearly four years later, Bric has gained an 's' with the addition of South Africa and that new, highly anticipated, institution spoken of in Russia was finally announced at the 2013 Durban Summit - but not quite as the international community expected it. At the first Bric summit in Yekaterinburg, Russia in 2009, then member states Brazil, Russia, India and China expressed mounting dissatisfaction with the inertia in the Bretton Woods institutions (the International Monetary Fund and the World Bank) and agreed to " advance the reform of international financial institutions, so as to reflect changes in the global economy." Russia's president, Dmitri Medvedev, said the main point of the meeting was to show that "the Bric should create conditions for a more just world order." This sentiment, to reform the global economy has been a primary point of convergence for the group ever since and a common position around which to establish a new institution.