Which one among the following was a major decision taken at the fifth BRICS summit held recently ?

The fifth BRICS summit, held in Durban, South Africa, in March 2013, was a landmark event where leaders of Brazil, Russia, India, China, and South Africa formally agreed to establish a New Development Bank (NDB) [1]. This decision followed a feasibility study commissioned during the fourth summit in New Delhi in 2012 [1]. The primary objective of the NDB was to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, addressing the perceived bias of the IMF and World Bank toward Western nations [2]. Additionally, the summit saw progress on the Contingent Reserve Arrangement (CRA), a $100 billion financial safety net to help member nations manage short-term liquidity pressures [3]. While the summit also discussed UN reforms and cultural cooperation, the formal decision to launch the NDB was the most significant outcome [1].

Sources

1. [2] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 13: International Organizations > 13.16 New Development Bank (NDB)/ BRICS Bank > p. 401
2. [3] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > CONTINGENT RESERVE ARRANGEMENT > p. 530