#Shanghai is very likely to host the headquarters of a new development bank being launched by the #BRICS countries. http://t.co/7nMeKLIJjB
— China.org.cn (@chinaorgcn) July 15, 2014
Breakthrough in BRICS Summit: China likely to get $100 billion bank - NDTV http://t.co/GRrWgF6gXo
— NDTV (@ndtv) July 15, 2014
There was a dispute between China and India over who will host the bank. The disagreement has also delayed a decision on which of the countries will hold the first five-year presidency of the bank.
"This should be easy to resolve but we have this dispute. If it doesn't move forward, we may have to leave the decision for another meeting," said the official, who declined to be named.
A delay could be an embarrassment for the BRICS, a group better known for its anti-Western rhetoric than agreement on concrete actions to reshape the world's financial architecture.
Brazil, Russia, India, China and South Africa are expected to sign the deal for creation a joint foreign exchange reserves pool and a development bank to rival Western institutions like the World Bank and the IMF.
BRICS members likely to have equal shareholding in new bank.
Should ensure these institutions (New Development Bank & Contingent Reserve Arrangement) establish a new model - @PMOIndia
— Syed Akbaruddin (@MEAIndia) July 15, 2014
Inputs from Agencies
