Press Esc to close
Tuesday 25 November 2014
News updated at 2:30 AM IST
Weather
Max: 0°C
Min : 0°C
In Bengaluru
Sunny day

BRICS nations to take a call on setting up development bank

Durban, Mar 26, 2013 (PTI)

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

Photo Gallery
Bengaluru pride march for freedom, equality, justice

Bengaluru pride march for freedom, equality, justice

Asia Cup Championship for Deaf 2014

Asia Cup Championship for Deaf 2014

Kashmiri Pandit's protest against Jammu Police

Kashmiri Pandit's protest against Jammu Police

Bridal Fashion show of Trousseau week by Mirrors and Within, Latha Puttanna (Shristhi), Apranje

Bridal Fashion show of Trousseau week by Mirrors and Within, Latha Puttanna (Shristhi), Apranje

Winter Session of Parliament

Winter Session of Parliament

Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Winners of Delhi Half Marathon 2014

Winners of Delhi Half Marathon 2014

Elderly women take part in Tug-of War during annual month long sports competition...

Elderly women take part in Tug-of War during annual month long sports competition...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523