<p>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.<br /><br /></p>.<p>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.<br /><br />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".<br /><br />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.<br /><br />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.</p>
<p>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.<br /><br /></p>.<p>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.<br /><br />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".<br /><br />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.<br /><br />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.</p>