July 15, 2014 / 3:06 PM / in 4 years

BRICS investment fund likely to have $10 bln initial capital -source

FORTALEZA, Brazil, July 15 (Reuters) - The group of five BRICS emerging market countries is considering starting a joint infrastructure fund with initial capital of around $10 billion, a source close to the discussions told Reuters on Tuesday.

The fund, which is under negotiation and could become operational at the next BRICS Summit in Russia, would be initially financed by the sovereign funds of Brazil, India, China, Russia and South Africa.

It could later allow for the participation of other sovereign wealth funds from other countries, said the source who declined to be named because negotiations are ongoing.

The fund is not be confused with a $100 billion emergency reserve pool that the five BRICS leaders plan to create on Tuesday at the group’s summit in Fortaleza. (Reporting by Alonso Soto; Editing by Walter Brandimarte and Meredith Mazzilli)

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