The Fortaleza Declaration of 2014 is most famous in BRICS history for the creation of which of the following?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e.The Contingent Reserve Arrangement (CRA).
The Fortaleza Declaration of 2014, signed during the 6th BRICS Summit in Brazil, is most famous for establishing the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).
The NDB was created to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, challenging traditional Western-led financial institutions. Meanwhile, the CRA provides a framework for providing protection against global liquidity pressures, strengthening the collective financial stability of the member nations.