BRICS Bank to Be Discussed at March Summit, Russia Official Says
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Leaders from the world’s biggest emerging markets will ask their finance ministers to study a proposal for a bank funded exclusively by their nations at a summit in March, a Russian official said.
India has proposed setting up a multilateral bank that would be exclusively funded by developing nations and finance projects in those countries. The plan comes as leaders from Brazil, Russia, India, China and South Africa seek a bigger say in running the International Monetary Fund and other multilateral bodies to match their rising economic heft.