South African ministers have said they are hopeful of agreement to establish a BRICS development bank, though many modalities still have to be worked out.

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The leaders of Brazil, Russia, India, China and South Africa -- collectively known as the BRICS -- "agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank, funded and managed by the BRICS and other developing countries, " said Prime Minister Manmohan Singh of India.

CNN: BRICS leaders edge closer to setting up development bank

In other international news, Chinese experts welcome plans for a development bank funded by the BRICS nations that is expected to provide loans for infrastructure construction in the developing world.

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There is also a lot of upbeat coverage in The Beijing News, China Daily and other media on a mooted Brics reserve fund, as well as a development bank that will finance infrastructure projects among the five members as well as developing countries.

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According to the current proposal, the bank will initially lend to infrastructure and development projects in the Brics countries, the officials said.

WSJ: Brics May Offer Bank Stake to Non-Members

Brazil, Russia, India and China (and newcomer South Africa) want to set up their own regional development bank, heads of state said in India on Wednesday at the annual BRICS Summit.

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Meanwhile, Russian Deputy Finance Minister Sergei Storchak said Wednesday that the Brics leaders will take a final decision in Durban if there is a need to create the development bank.

WSJ: Brics May Offer Bank Stake to Non-Members

He added that the proposed fund would not alter plans by BRICS nations--Brazil, Russia, India, China and South Africa--to set up their own development bank.

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