BRICS back expanding capital base of multilateral institutions

NEW DELHI Thu Mar 29, 2012 12:33pm IST

Prime Minister Manmohan Singh is seen in Hokkaido, July 8, 2008. REUTERS/Vivek Prakash/Files

Prime Minister Manmohan Singh is seen in Hokkaido, July 8, 2008.

Credit: Reuters/Vivek Prakash/Files

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NEW DELHI (Reuters) - The BRICS group of emerging market nations support an expansion of the capital base of the World Bank and have agreed to look more closely at a proposal to set up a South-South development bank, Prime Minister Manmohan Singh said on Thursday.

Singh told reporters after a meeting of leaders from Brazil, Russia, India, China and South Africa that the group had agreed on the need to avoid political disruptions that cause volatility in global energy markets.

He also decried the lack of political movement on reforming global institutions such as the U.N. Security Council.

(Reporting by Rajesh Kumar Singh; Writing by John Chalmers)

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