Negotiations to launch new BRICS bank hit snag - source


  • World
  • Tuesday, 15 Jul 2014

FORTALEZA Brazil (Reuters) - On the eve of the signing of a deal to launch a joint development bank, the BRICS nations have still not agreed on where the lender will be headquartered, a senior official involved in the talks told Reuters late on Monday.

The leaders of the five emerging market economies are expected to sign a deal on Tuesday that creates the $100 billion (£58.55 billion) bank and a reserves fund of the same size to challenge Western dominance over global finance.

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