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BRICS ministers fail to agree on development bank details - Russia

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(Globalpost/GlobalPost)

DURBAN, South Africa (Reuters) - BRICS finance ministers meeting in South Africa have not been able to agree on funding for and the location of a development bank to be established by the emerging powers group, Russian Finance Minister Anton Siluanov said on Tuesday.

"A decision on the location of the bank and funding still needs to be made," he told reporters in Durban, adding that further steps would be required before the BRICS development bank could be created.

(Reporting by Agnieszka Flak; Editing by Jon Herskovitz and Pascal Fletcher)

http://www.globalpost.com/dispatch/news/thomson-reuters/130326/brics-ministers-fail-agree-development-bank-details-russia