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July 16, 2014 - 22:53 GMT Location: New York

KEYWORDS: BRICS , Brazil , Russia , India , China , South Africa , IMF , World Bank , commodities

Brazil may have been spectacularly defeated in the World Cup, but it scored a winning goal in Fortaleza this week.

The South American nation, along with Russia, India, China and South Africa, is a founding member of the New Development Bank, announced by the group in what is being widely viewed as an ambitious challenge to the Western dominance of the global financial system. It’s no mean feat for the five nations, known as the BRICS, given that each of them have very different political systems, economies and demographics. But after some initial back-and-forth over the operational structure of the bank, a more complete picture emerged following the meeting in north-east Brazil this week. The spoils are divided with concessions for all. The details The bank, scheduled to start lending in 2016, will be headquartered in Shanghai and its first ceo will be from India. South Africa is tasked with setting up an African regional centre for the bank, while its first chairman of the board of directors will be from Brazil....

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