Press Esc to close

BRICS nations to take a call on setting up development bank

Durban, Mar 26, 2013 (PTI) 12:21 IST
The Summit of BRICS nations here tomorrow may take a call on the setting up of a development bank notwithstanding some key issues dogging it even as the leaders will advocate reforms of the global governance architecture.

The Summit, which will open late tonight with a cultural programme and attended among others by Prime Minister Manmohan Singh, is expected to take a decision on launching the BRICS bank that will fund infrastructure and development projects in the BRICS and other emerging economies and developing nations.

Finance Ministers of the five-nation grouping including P Chidambaram and those of Brazil, Russia, China and South Africa are likely to prepare a report for consideration of their leaders tomorrow in which they are expected to say that launching a BRICS bank is "feasible and workable".

However, Indian negotiators are also conscious of the fact that issues like capital, membership and governance are yet to be thrashed out before the summit can put a seal of approval on launching the BRICS bank.

Discussions are on over capital for the development bank, initially envisaged to be set up with a capital of USD 50 billion, to be shared equally by the five members. Now Indians are a little cautious over the enthusiasm of Chinese to pick up higher stakes in the capital if some members find it difficult to come up with their share.

Go to Top

More from this section
Photo Gallery
Cricket icon Sachin Tendulkar met members of the Indian Womens cricket team at the MCA BKC...

Cricket icon Sachin Tendulkar met members of the Indian Womens cricket team at the MCA BKC...

Union Minister of Commerce and Industry, Suresh Prabhu joins hands with ASEAN Ministers...

Union Minister of Commerce and Industry, Suresh Prabhu joins hands with ASEAN Ministers...

Karni Sena activists demonstrate against the release of Padmaavat, in Bhopal...

Karni Sena activists demonstrate against the release of Padmaavat, in Bhopal...

The tableau of Gujarat for the Republic Day parade, during a press preview in New Delhi...

The tableau of Gujarat for the Republic Day parade, during a press preview in New Delhi...

An artist of J & K tableau for the Republic Day parade, during a press preview in New Delhi...

An artist of J & K tableau for the Republic Day parade, during a press preview in New Delhi...

Jana Sena Party chief and actor Pawan Kalyan offers sweets to his wife Anna Lezhneva before...

Jana Sena Party chief and actor Pawan Kalyan offers sweets to his wife Anna Lezhneva before...

The tableau of Maharashtra for the Republic Day parade, during a press preview in New Delhi...

The tableau of Maharashtra for the Republic Day parade, during a press preview in New Delhi...

A woman shows the damage at her house after heavy shelling from the Pakistani side of the...

A woman shows the damage at her house after heavy shelling from the Pakistani side of the...

School students wear the customary yellow dress for Basant Panchami ...

School students wear the customary yellow dress for Basant Panchami ...

Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

Police personnel guard as Buddhist monks wait at the entrance gate to enter Mahabodhi temple...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.