The $100 billion BRICS Contingency Fund, that leaders from Brazil, Russia, India, China and South Africa had approved last year to combat currency crises, will be operational in 30 days, the Brazilian Foreign Ministry said on Tuesday.
Lawmakers from all five countries have now ratified their participation in the agreement.
China will provide the bulk of the funding with $41 billion, Brazil, Russia and India with $18 billion each, and South Africa with $5 billion.
“The agreement aims to provide temporary resources to BRICS members facing pressure in their balance of payments. This instrument will contribute to promoting international financial stability, as it will complement the current global network of financial protection,” the Brazilian Foreign Ministry said in a statement.
“It will also reinforce the world’s economic and financial agents’ trust and mitigate the risk of contagion from eventual shocks which may come to affect the economies of the bloc,” it said.
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