New BRICS bank to be based in China, India to have presidency
FORTALEZA Brazil (Reuters) - The new development bank of the group of BRICS countries will be headquartered in Shanghai, China, with the presidency initially held by India, Brazilian president Dilma Rousseff said on Tuesday.
The deal was reached after intense last-minute negotiations to settle a dispute between India and China over the headquarters of the new bank, which will have initial capital of $100 billion to invest in infrastructure projects.
Leaders of the BRICS group - which consists of Brazil, Russia, India, China and South Africa - are holding a summit in the Brazilian city of Fortaleza.
(Reporting by Alonso Soto, writing by Walter Brandimarte; Editing by Chizu Nomiyama)
- Tweet this
- Share this
- Digg this
- Google launches new email service dubbed "Inbox"
- Lax security in focus after attack at Canada's parliament
- India hope to get boxer Sarita Devi's suspension reversed
- China's Xiaomi shifts some smartphone user data out of Beijing on privacy concerns
- Canada's parliament attacked, soldier fatally shot nearby
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article