Explanation: Together with the process of globalization world regional forces have also been asserting their power through different short of alignments—the Fortaleza Declaration of heads of state (late July 2014) from Brazil, Russia, India, China, and South Africa (the BRICS countries) is another such attempt —creation of a BRICS Bank i.e., New Development Bank (NDB).

A Contingent Reserve Arrangement (CRA) of $100 billion is to be also created to provide additional liquidity protection to member nations during balance of payments problems.

Source: Ramesh Singh