Russia Says BRICS Nations Plan to Create Development Bank

Brazil, Russia, India, China and South Africa will move toward setting up a development bank during a summit next week to speed up the makeover of the world’s “aging” financial system, a Kremlin envoy said.

Leaders of the so-called BRICS group of the world’s biggest developing economies will discuss the size of the bank’s starting capital, said Mikhail Margelov, President Vladimir Putin’s envoy to Africa. An agreement on the exact amount of resources to be committed isn’t likely and Russia favors capping each side’s contribution to $10 billion at first, he said March 15 in an interview in Moscow.