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BRICS to set up their bank within five years, progress slow: Russia

Last Updated: Wednesday, February 26, 2014, 00:33

The BRICS bloc of emerging economies will set up its development bank with a total capital of USD 100 billion within five years, but member countries still haven`t agreed on their share in the bank`s structure, a senior Russian official said on Tuesday.

BRICS warns against US monetary stimulus withdrawal

Last Updated: Thursday, September 05, 2013, 20:18

"They emphasised that the eventual normalisation of monetary policies needs to be effectively and carefully calibrated and clearly communicated," it said.

BRICS agree on bank's structure, progress difficult: Russia

Last Updated: Monday, September 02, 2013, 08:55

The establishment of the development bank aimed at providing funds for infrastructure projects has been slow in coming, with prolonged disagreement over funding and management of the institution.

BRICS bank pillars could be ready next year: Brazil

Last Updated: Wednesday, July 31, 2013, 09:51

At their March summit in the South African city of Durban, leaders of the BRICS -- Brazil, Russia, India, China and South Africa -- failed to launch the much-anticipated bank.

Setting up BRICS Bank will not be easy: ADB Chief

Last Updated: Thursday, May 02, 2013, 19:23

Describing banking business as "difficult and cumbersome" process, newly elected chief of Asian Development Bank (ADB) Takehiko Nakao on Thursday said setting up of the proposed BRICS Bank would not be easy.

BRICS bank will complement other multilateral lenders: Chidambaram

Last Updated: Monday, April 01, 2013, 22:26

Finance Minister P Chidambaram Monday said the proposed BRICS Bank to finance development projects in emerging economies will not compete but complement the operations of the existing multilateral lending agencies.

BRICS summit yielded tangible fruits: Chinese Foreign Minister

Last Updated: Sunday, March 31, 2013, 16:18

"The summit has yielded tangible fruits which were included in the Durban Declaration and its Action Plan," he said, adding that it also resulted signing of a number of cooperation agreements.

BRICS to form development bank; agrees to create $100 bn contingency fund

Last Updated: Wednesday, March 27, 2013, 18:18

BRICS nations on Wednesday decided to establish a new development bank to finance infrastructure and to create a USD 100 billion Contingency Reserve Arrangement to tackle any financial crisis in the emerging economies.

'BRICS bank could become future World Bank'

Last Updated: Wednesday, March 27, 2013, 17:42

The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said Wednesday.

Singh-Xi meeting will help build mutual trust: China

Last Updated: Wednesday, March 27, 2013, 16:50

Xi, will hold bilateral meetings on the sidelines of the BRICS summit, Chinese Foreign Ministry spokesman Hong Lei told a media briefing here.

Manmohan Singh makes five recommendations to BRICS

Last Updated: Wednesday, March 27, 2013, 14:34

Prime Minister Manmohan Singh Wednesday made five suggestions for BRICS, covering global growth to security, as the influential bloc of Brazil, Russia, India, China and South Africa moves forward after concluding the first cycle of five summits in each of these emerging economies.

BRICS mechanism vital for emerging economies

Last Updated: Wednesday, March 27, 2013, 12:21

BRICS consists of Brazil, Russia, India, China and South Africa, with the name formed by the initials of the five emerging economies. It was known as BRIC before South Africa joined the group in 2010.