Chinese and foreign tourists view the Pudong financial district skyline from the historic Bund in Shanghai. The city is being considered for the headquarters of the new development bank of BRICS. — AFP
MOSCOW: Leaders of the BRICS nations will launch their long awaited development bank at a summit next week and decide whether the headquarters should be in Shanghai or New Delhi, Russian Finance Minister Anton Siluanov said.
The creation by Brazil, Russia, India, China and South Africa of a US$100bil bank to finance infrastructure projects has been slow in coming, with disagreements over its funding, management and headquarters.
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