[Ed. Note: Literally, another “BRICs” in the wall.]
from The BRICS Post:
The statutes of the new BRICS Development Bank will soon be concluded, according to Brazil’s foreign minister.
“We made good progress during the last meeting in Durban and the expectation is that in the 2014 meeting in Brazil, enough progress has been made to conclude the statutes of the bank,” Antonio Patriota told reporters in Brasilia.
South African Minister of International Relations Maite Nkoana-Mashabane endorsed Patriota’s assertions, saying the five finance ministries are putting the final touches to the recommendations.
“There was an agreement to establish such a bank. Our ministries of finance are busy with the final modalities because the viability has been checked, even economists from the World Bank have come out to say there is space for such a bank,” Nkoana-Mashabane said after a meeting with the Brazilian foreign minister.
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