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BRICS Reports Progress On New Development Bank


A man walks past a floral display announcing the 5th BRICS summit in Durban.

A man walks past a floral display announcing the 5th BRICS summit in Durban.

South Africa's finance minister says the BRICS group of emerging economies -- Brazil, Russia, India, China, and South Africa -- have agreed to launch a new development bank.

He says the agreement will be announced on March 27 by BRICS leaders at their summit in Durban.

But Russia's finance minister said BRICS finance ministers who met on March 26 ahead of the summit have not been able to agree on funding and the location of the bank.

The development bank is planned to counterbalance the World Bank and the International Monetary Fund, which emerging economies see as dominated by Western nations.

China's new President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Manmohan Singh, Brazilian President Dilma Rousseff, and South African President Jacob Zuma also are expected to discuss expanding trade between their nations.

Based on reporting by dpa, ITAR-TASS, and Reuters
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