The leaders of BRICS (Brazil, Russia, India, China and South Africa) who held a closed door meeting that overran the allotted time, weighed the consequences of setting up a “BRICS Bank” and opted for a more contemplative approach by asking their Finance Ministers to examine its feasibility and report back at the next summit in Russia. Sources said the leaders agreed that the bank should in no way emerge as a competitor to the World Bank and the IMF but provide funds for projects that do not find favour with these institutions.
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