BRICS propose to create own multilateral bank news

Emerging market economies of Brazil, Russia, India, China and South Africa, that group themselves as `BRICS' have proposed the creation of a multilateral development bank to coordinate their response to any faltering of the global economy.

The plan is to coordinate the activities of national development banks of the BRICS, Brazilian trade minister Fernando Pimentel said on Friday.

The member nations of the BRICS grouping plan to ink memorandums of understanding during their meeting in India next week, which would herald the birth of a new multilateral bank that would finance investments among these and other nations, Pimentel said.

Leaders of BRICS nations China, India, Brazil, Russia and South Africa will meet at a summit in India next week to discuss the world economy and closer coordination. Read More