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BRICs to Discuss Plans for Multilateral Bank

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Officials from top emerging market countries will discuss fledgling plans to set up a multilateral bank to fund projects in developing nations during upcoming Group of 20 meetings, a senior Brazilian government official said on Thursday.

Brazilian, Chinese, Russian and Indian delegates will meet for talks on Saturday morning on the sidelines of the G20 talks being held in Mexico City.

"The idea is for the BRICS to offer the capital for this bank, but we still need to discuss if this bank will serve to give out loans to other emerging market countries," said the official.

"The idea is in its infancy," and the countries are not likely to reach a decision this weekend, the official said, adding that Brazil's finance minister, Guido Mantega, "is sympathetic to the idea."

Brazil, one of the world's fastest-growing economies, has for many years sought to increase its influence at the World Bank and the International Monetary Fund.

Mantega called for a transparent election to replace Robert Zoellick as president of the World Bank after Zoellick he said he would step down last week.

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