BRICS leaders create emergency reserve fund, development bank

Brazil's President Dilma Rousseff looks on before the 6th BRICS summit in Fortaleza July 15, 2014. REUTERS/Nacho Doce reuters_tickers

FORTALEZA Brazil (Reuters) – The leaders of the group of five BRICS emerging market countries signed on Tuesday a deal to create a new development bank and an emergency reserve fund, Brazil’s President Dilma Rousseff announced at a summit of the group in the Brazilian city of Fortaleza.

The BRICS group consists of Brazil, Russia, India, China and South Africa.

(Reporting by Alonso Soto, writing by Walter Brandimarte; Editing by Chizu Nomiyama)