BRICS aim to finish development bank preparations by July summit

jueves 10 de abril de 2014 18:27 GYT

* BRICS leaders to meet in July

* Development bank targets $100 billion in capital

* BRICS concerned over U.S. impasse on IMF reforms

By Lidia Kelly and Paul Simao

WASHINGTON, April 10 (Reuters) - The BRICS bloc of emerging economies will have all preparatory work done for setting up its development bank by the group's summit in July, South African Finance Minister Pravin Gordhan said on Thursday.

The bank Brazil, Russia, India, China and South Africa plan to support infrastructure projects has been slow in coming, with prolonged disagreements over its funding, management and headquarters.

The group, which has struggled to take coordinated action on most issues in the past year after the scaling back of U.S. stimulus prompted an exodus of capital from their markets, is hoping their leaders will officially launch the bank at their July meeting in Brazil.

"We've made very good progress on the new development bank and most of the formal documentation is ready," Gordhan told journalists after a meeting of the BRICS finance ministers in Washington.

"There will be a few issues left, which will be resolved between now and the middle of July when we hope the summit will take place."   Continuación...