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which the official said was taken at a meeting in New Delhi in the first week of August,
Air Jordan CP3 VI Pas Cher,S. need further discussion the Indian official said The group is considering offering a stake of 40% to 45% to non-Brics countries the official addedHaving developed economies as shareholders would help the bank get a higher credit rating and enable it to raise cheaper funds from the market Ratings of Brics countries vary from barely investment grade for India Brazil Russia and South Africa to exceptionally good rating for ChinaThe bloc has yet to make a decision on where the bank would be based the official saidThese issues are likely to be discussed when the finance ministers of the group meet on the sidelines of the annual meetings of the World Bank and International Monetary Fund in Washington between Oct 11 and 13 the official saidThe proposal to set up the bank was initially made at a Brics summit in March 2012 which adopted a resolution to explore the possibility of an institution to mobilize funds for infrastructure development within the group and in other emerging markets The group hopes such a bank could offer an alternative to the US-dominated World BankAt their meeting in Durban South Africa in March this year the Brics heads of state approved the proposal But they also indicated differences over issues such as funding and managementThe finance ministers of the five nations are now expected to finalize a road map on setting up of the bank before the next summit in March 2014 in BrazilThe Brics members' slow march toward establishing their own bank illustrates their struggle to move past populist rhetoric to true cooperation between sometimes adversarial nations Each country is eager to reap the benefits of a larger trade group
