The agreement to create a BRICS development bank at last week’s BRICS summit in South Africa on 26-27 March couldn’t have come at a more opportune time. The global economic crisis is pressing traditional development funders, hitting developing country researchers hard.
The bank is a mechanism through which growing economies like those in the BRICS countries—Brazil, Russia, India, China and South Africa—can help plug the gap.
The bank will have much to learn from its predecessors, including the World Bank and the African Development Bank, about how to fund science. For a start, it needs a clear policy on science.