The BRICS Fund is included in Fund support in emerging markets

MOSCOW, 9 Nov. Investment Bank Goldman Sachs ceased to exist, the Foundation of BRICS, which has invested in the economies of Russia, Brazil, India and China, now it is included in the Fund for the support of emerging markets, reports Bloomberg.

In 2001, Goldman Sachs economist Jim O’neill coined the acronym for the Fund (BRIC), which was to invest in the largest emerging markets. But now, according to the report, in Russia and Brazil there is a recession, and China shows the weakest growth since 1990.

“According to the authors ideas, the pooling of funds should attract investors because it expands the number of countries and investment”, — stated in the message of Agency.

The main reason for the changes, according to Bloomberg, became financial loss — income Fund over the past five years declined by 21%, while assets decreased from 842 million to $ 98 million.

BRICS — an informal interstate Association of Brazil, Russia, India, China and South Africa. The total population of the BRICS countries — 2,83 billion people (42% of the global total).