New BRICS bank to be based in China, India to have presidency

FORTALEZA, Brazil, July 15 Tue Jul 15, 2014 2:55pm EDT

FORTALEZA, Brazil, July 15 (Reuters) - The new development bank of the group of BRICS countries will be headquartered in Shanghai, China, with the presidency initially held by India, Brazilian president Dilma Rousseff said on Tuesday.

The deal was reached after intense last-minute negotiations to settle a dispute between India and China over the headquarters of the new bank, which will have initial capital of $100 billion to invest in infrastructure projects.

Leaders of the BRICS group - which consists of Brazil, Russia, India, China and South Africa - are holding a summit in the Brazilian city of Fortaleza. (Reporting by Alonso Soto, writing by Walter Brandimarte; Editing by Chizu Nomiyama)

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