BRICS bank to get going in 2 yrs; India to head for 6 yrs

July 16, 2014 18:05

India will have the Presidency of the BRICS' USD 100 billion New Development Bank for six years with headquarters in China that will become operational in about two years, a major step for reshaping the international financial system dominated by the West.

India's presidency will be followed by Brazil and Russia who will have five years term each under an agreement reached after intense negotiations among the five country-grouping BRICS - Brazil, Russia, India, China and South Africa.

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