China ratifies AIIB agreement

China's top legislature Wednesday ratified the Asian Infrastructure Investment Bank (AIIB) agreement, that will set out legal framework for the USD 100 billion-bank in which India and 56 other countries are founder members.

BRICS bank to be operational by end of 2015: South Africa

The emerging market BRICS nations will have their own development bank by the end of the year, South Africa said Friday.

BRICS members hail integration ahead of July forum
BRICS members hail integration ahead of July forum

BRICS member states --Brazil, Russia, India, China and South Africa -- cheered new integration trends with the announcement of the formation of the BRICS Development Bank, ahead of the group`s upcoming forum in July.

ICICI's KV Kamath appointed as chief of BRICS Development Bank

While the New Development Bank, as it will be called, will be headquartered in Shanghai, India has got the right to nominate the first president.

Narendra Modi makes strong pitch for operationalisation of BRICS bank

Making a strong pitch for speeding up the creation of a BRICS development bank, Prime Minister Narendra Modi on Saturday said India hopes to ratify the agreement over the financial institution by year-end and 2016 should be set as the target for its inauguration.

World Bank chief welcomes new BRICS development bank

The BRICS developing nations - Brazil, Russia, India, China and South Africa - announced the bank last week, saying it would fund infrastructure projects in developing nations - a reflection of their growing importance in the world economy.

India Inc hails BRICS pact to set up New Development Bank

Terming as "historic" the pact on establishment of a New Development Bank at the BRICS Summit, India Inc Wednesday said the move was likely to strengthen economic cooperation between the five-nation grouping, help stave off future economic crises and boost infra development.

BRICS bank to get going in 2 yrs; India to head for 6 yrs

India's presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached after intense negotiations among the five country-grouping BRICS -Brazil, Russia, India, China and South Africa.

BRICS members likely to have equal shareholding in new bank

The BRICS Summit, Prime Minister Narendra Modi's first multilateral engagement, commenced Tuesday amid an understanding that the 5-member nations will have equal shareholding in the proposed USD 50 billion BRICS Development Bank which India had been strongly pressing for.

Shanghai most likely headquarters for BRICS development bank

Russian presidential adviser Yuri Ushakov told Kremlin reporters late last week that bank would be based in Shanghai.

Setting up of BRICS Development Bank in pipeline: PM

Singh said the BRICS countries have chosen differing growth paths suited to their macroeconomic conditions and varied institutional strengths.

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

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 combined GDP will surpass US, western Europe by 2020: UN

The combined output of BRICS countries will surpass the aggregate GDP of the US, Canada and other European nations by 2020, said a UN report.

'BRICS a force but cannot challenge US due to disputes'

On March 27, BRICS nations had decided to establish a new development bank to finance infrastructure projects.

Following BRICS development bank plan with great interest: IMF

The International Monetary Fund has said it is following with "great interest" the recent announcement by leaders of Brazil, Russia, India, China and South Africa (known as BRICS) to establish a development bank.

US hopes synergy between proposed BRICS bank, existing bodies

The US has expressed hope that the new multilateral development bank planned by BRICS countries will work closely with existing international financial institutions and follow best of the practices.

Manmohan Singh hails BRICS' decision to launch development bank

Hailing the BRICS summit's decision to launch a development bank and a Contingency Reserve Arrangement (CRA), Prime Minister Manmohan Singh Thursday said India's initiatives in these projects made a significant progress.

BRICS must meet challenges of persisting weaknesses in global economy: PM

PM said BRICS should also directly support the process of development and change now underway in Africa.

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

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'

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.