South Africa’s Gordhan says BRICS Bank Details Upcoming
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The largest emerging markets are uniting to form their own development bank, and South African Finance Minister Pravin Gordhan says details about its structure could emerge this year.
“A number of technical areas have been canvassed, and in the course of the next six months we’ll begin to answer more clearly questions like what capital do you want to start with? How much will be callable?” Gordhan said in Washington at an event hosted by the Brookings Institutions’ Africa Growth Initiative. “It’s going to be an interesting project if we can pull it off.”