BRICS move closer to deal on new bank: sources

July 15, 2014 7:39 PM

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BRICS move closer to deal on new bank: sources

FORTALEZA Brazil (Reuters) - The BRICS emerging market nations moved closer to an agreement on where to base a joint development bank aimed at counteringWestern dominance over global finances, officials close to the talks said on Tuesday.

Negotiations over the headquarters and first presidency had hit an impasse hours before the BRICS countries' leaders were due to launch the $100 billion bank and a reserves fund of the same size at a summit in the coastal city of Fortaleza.

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