GOA (Sputnik) — BRICS' Contingent Reserve Arrangement (CRA), which has been established to promote mutual support amongst the group members, will help to protect the five emerging economies from possible financial crises, Jose Rubens de la Rosa, Brazil's Chair of the BRICS Business Council, told Sputnik.
"We are not predicting, anticipating or discussing any potential crisis within the BBC. Anyway, BRICS countries have put in place the BRICS Contingent Reserve Arrangement (CRA), a mechanism dedicated to provide financial support during financial crisis, and we hope that this will help to face any difficult that might happen," Rubens de la Rosa said.
The overall volume of the Contingent Reserve Arrangement is $100 billion. China is the major contributor with $41 billion. Brazil, India and Russia contributed $18 billion each, while South Africa’s share is $5 billion.
