Ma Zhaoxu

BRICS to mull development bank, forex reserve pool

BRICS to mull development bank, forex reserve poolBeijing, March 20 : Leaders of BRICS countries will consider establishing a development bank and foreign exchange reserve pool at its fifth summit, a Chinese foreign ministry official said Wednesday.

The summit of BRICS countries, namely Brazil, Russia, India, China and South Africa, is scheduled March 26-27 in Durban, South Africa.

BRICS deliberated the possibility of establishing a development bank last year. Details including of the scale, functions, structure, and location will be discussed at the summit, said Ma Zhaoxu, assistant foreign minister.

Syndicate content