This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-21951160
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Brics nations discuss development bank | Brics nations discuss development bank |
| (about 2 hours later) | |
| Leaders of the so-called Brics nations - Brazil, Russia, India, China and South Africa - are meeting in Durban to discuss the formation of a new development bank. | Leaders of the so-called Brics nations - Brazil, Russia, India, China and South Africa - are meeting in Durban to discuss the formation of a new development bank. |
| The bank would fund infrastructure and development projects throughout the developing nations. | The bank would fund infrastructure and development projects throughout the developing nations. |
| Negotiations will focus on where the bank will be based and how much capital it will have. | Negotiations will focus on where the bank will be based and how much capital it will have. |
| It would be the first formal institution of the Brics group. | It would be the first formal institution of the Brics group. |
| Some commentators see the bank as a potential rival to the World Bank. | Some commentators see the bank as a potential rival to the World Bank. |
| Following initial discussions on Wednesday morning, South African President Jacob Zuma said: "We are satisfied that the establishment of a new development bank is feasible. | |
| "We have decided to enter formal negotiations to establish a Brics-led new development bank." | |
| Growth potential | Growth potential |
| Speaking in Durban before negotiations began in earnest, Russian President Vladimir Putin highlighted the economic success of the five nations. | Speaking in Durban before negotiations began in earnest, Russian President Vladimir Putin highlighted the economic success of the five nations. |
| "The common annual economic growth rate in 2012 constituted 4%, in contrast to the 0.7% of the [biggest] seven financial countries," he said. | "The common annual economic growth rate in 2012 constituted 4%, in contrast to the 0.7% of the [biggest] seven financial countries," he said. |
| "Russia calls for using the economic potential of Brics more effectively, with the backing of business for increasing the volumes of mutual trade, investment and broadening industrial and technological co-operation. Certainly, the creation of a Brics development bank [would support] this task." | "Russia calls for using the economic potential of Brics more effectively, with the backing of business for increasing the volumes of mutual trade, investment and broadening industrial and technological co-operation. Certainly, the creation of a Brics development bank [would support] this task." |
| He added that any bank would have to work "exclusively based on market principles and offer support to the business community of all of our countries". | He added that any bank would have to work "exclusively based on market principles and offer support to the business community of all of our countries". |
| Reports suggest the bank would have access to $50bn (£33bn) in capital. | Reports suggest the bank would have access to $50bn (£33bn) in capital. |
| Also speaking in Durban, Chinese President Xi Jinping played up the importance of closer ties between the developing nations. | |
| "The potential of Brics development is infinite," he said. | |
| The Brics nations represent more than 40% of the global population and 17% of world trade. |