The Finance ministers of the BRICS countries on Friday agreed to form a delegation, which will formulate the main principles for establishing a development bank by this fall, Russian Deputy Finance Minister Sergei Storchak said.
Earlier last month, all the finance ministers of BRICS members including Brazil, Russia, India, China and South Africa agreed to set up a development bank, but could not reach to a final conclusion on certain issues like the bank's size or the member countries' contributions to its capital.
"We have reached an agreement that each country will form a delegation that will have its own leader and powers, and then to start full-scale negotiations concerning all aspects of the bank's establishment," Storchak said.
He said that the main principles behind the establishment of the bank would be completed by the summit of G20 leaders, which is likely to be held in September in St. Petersburg.
The idea of the formation of BRICS development bank came from India at the 2012 meeting of the organisation's finance ministers in Mexico and seen as an alternative to the Western-dominated World Bank and the International Monetary Fund.
- With inputs from IANS
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