Brazil to hold second presidency of BRICS bank, followed by Russia

RIO DE JANEIRO, July 15 Tue Jul 15, 2014 3:54pm EDT

RIO DE JANEIRO, July 15 (Reuters) - Brazil's Finance Ministry confirmed on Tuesday that Brazil will hold the second presidency of the BRICS development bank after India.

Following Brazil will be Russia, South Africa, and China, the ministry said in a statement. Each country will hold the presidency of the bank for a period of five years. (Reporting by Alonso Soto, writing by Walter Brandimarte; Editing by Meredith Mazzilli)