BRICS to launch New Development Bank next week - Russia

miércoles 9 de julio de 2014 02:47 GYT

* Leaders to decide between Shanghai and New Delhi for bank's HQ

* BRICS summit to be held July 15-16 in Brazil

* BRICS to sign a framework agreement on forex fund

By Lidia Kelly

MOSCOW, July 9 (Reuters) - Leaders of the BRICS nations will launch their long-awaited development bank at a summit next week and decide whether the headquarters should be in Shanghai or New Delhi, Russian Finance Minister Anton Siluanov said on Wednesday.

The creation by Brazil, Russia, India, China and South Africa of a $100 billion bank to finance infrastructure projects has been slow in coming, with disagreements over its funding, management and headquarters.

"The (headquarters) issue will be decided on the level of the heads of the countries," Siluanov told journalists, adding that the choice is between China's Shanghai and India's New Delhi. BRICS leaders will meet July 15-16 in the Brazilian coastal city of Fortaleza.

The launch of the bank will be the group's first major achievement after struggling to take coordinated action following an exodus of capital from emerging markets last year, triggered by the scaling back of U.S. monetary stimulus.

The new bank will symbolize the growing influence of the BRICS, something that Russia has hoped for after the West imposed sanctions on Moscow in the spring for annexing part of Ukraine and its continued involvement in the country's crisis.   Continuación...