BRICS Nations Need More Time for New Bank, Russia Says

The five BRICS emerging-market nations will need more time to set up a new development bank as they work out details on funding and operations, Russia’s finance minister said.

“An intention to create a BRICS bank will be mentioned in the leaders’ communique,” Finance Minister Anton Siluanov said in an interview yesterday after a meeting with his BRICS counterparts. “As an idea it was positively discussed, but we still need to work on the mechanism. There was a proposal to declare capital of $50 billion but to pay $10 billion. Divided by the five members this will be $2 billion each.”