Brics bank gains momentum
Brics say plans to introduce a new bank for emerging countries are looking good.
JOHANNESBURG - BRICS emerging nations, Brazil, Russia, Indian, China and South Africa say plans for a Brics Development bank is gaining momentum.
The bank will require stating capital of up to $50 billion, with finance ministers being given the responsibility of examining the feasibility study of establishing the bank.
The formation of the bank is one of South Africa's priorities for the upcoming Brics summit which will be held in Durban in March.