South Africa

BRICS agree to development bank

26 March 2013 - 15:48 By Sapa-AFP
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Finance Minister Pravin Gordhan says more quantitive easing, and bond buying by the ECB, will help but are not sufficient
Finance Minister Pravin Gordhan says more quantitive easing, and bond buying by the ECB, will help but are not sufficient

The BRICS grouping of emerging economies agreed Tuesday to set up a development bank that would rival Western-backed institutions, South Africa's finance minister told AFP.

"It's done," minister Pravin Gordhan said after meeting with his counterparts from Brazil, Russia, India and China. "The leaders will announce the details," he added.

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