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New BRICS bank to be based in China, India to have presidency
July 15, 2014 / 7:03 PM / 3 years ago

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.

(L-R) Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma smile at a group photo session during the 6th BRICS summit in Fortaleza July 15, 2014. REUTERS/Nacho Doce

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

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