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'Time is ripe' for BRICS' own bank

By Wu Jiao | China Daily | Updated: 2014-07-08 07:25

Foreign Ministry says new institution will help fund infrastructure projects

Five major emerging economies - Brazil, Russia, India, China, and South Africa - are jointly aiming to establish a $50 billion development bank to fund extensive infrastructure projects during an upcoming summit in Brazil.

President Xi Jinping will attend the summit in his second trip to Latin America since taking office as head of State last year,

'Time is ripe' for BRICS' own bank

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