UPDATE 5-BRICS set up bank to counter Western hold on global finances
* New Development Bank will be based in Shanghai
* India will preside over operations for first 5 years
* BRICS leaders also set up $100 bln currency reserves pool (Adds Chinese comment)
By Alonso Soto and Anthony Boadle
FORTALEZA, Brazil, July 15 (Reuters) - Leaders of the BRICS emerging market nations launched a $100 billion development bank and a currency reserve pool on Tuesday in their first concrete step toward reshaping the Western-dominated international financial system.
The bank aimed at funding infrastructure projects in developing nations will be based in Shanghai, and India will preside over its operations for the first five years, followed by Brazil and then Russia, leaders of the five-country group announced at a summit.
They also set up a $100 billion currency reserves pool to help countries forestall short-term liquidity pressures.
The long-awaited bank will be called the New Development Bank.
It is the first major achievement of the BRICS countries - Brazil, Russia, India, China and South Africa - since they got together in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two and centered on the International Monetary Fund and the World Bank. Continuación...