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BRICS Nations Will Have Seven Years to Buy Into New Bank

The BRICS emerging nations will have seven years to pay $2 billion each to buy into a new development bank in their push to have more sway in the global financial system, according to Russian Finance Minister Anton Siluanov.

The New Development Bank, approved at a summit in Durban, South Africa last year, will help the BRICS nations -- Brazil, Russia, India, China and South Africa -- finance infrastructure projects. Each country will have an equal stake, and the bank will be open to all members in the United Nations, Siluanov told reporters in Moscow today.