''Trek begins for BRICS bank''

From Russia & India Report

''Even more interesting is the news trickling in that an expert-level meeting of the BRICS will be held in Rio de Janiero, Brazil, to discuss the nascent idea of establishment of a joint development bank. The forthcoming meeting is expected to explore what the requirements of a BRICS Development Bank would be and possibly even conceive a roadmap to its establishment. The premise is that the BRICS bank is to be “launched” at the fifth summit in South Africa early next year.

But many issues are still to be thrashed out – where and how the proposed Bank would raise its capital, invest its funds, where it should be based, who should lead it, and so on. Within its purview could also figure important issues such as trade facilitation, global payment regime, global insurance, etc. Though the idea of the BRICS Development Bank itself was originally born in the Indian mind and New Delhi would have a particular responsibility to generate ideas, it has become the common baby of the 5 countries.''

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