March 29, 2012 / 7:08 AM / 5 years ago

BRICS back expanding capital base of multilateral institutions

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

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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