New Development Bank
At the end of the 2012 Summit, in Delhi, India, Leaders tasked their Finance Ministers to examine the feasibility of setting up a development bank. A working group, consisting of officials represented from all the BRICS countries, was subsequently set up to conduct the feasibility study and report at the next annual Summit if it was feasible and viable to set up such a bank. At the conclusion of the 2013 Summit, Leaders announced their intention to establish a New Development Bank which is aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries.
All five nations will now enter into formal negotiations towards establishing the bank. The first progress report to Leaders will be due in September 2013.
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