Reuters: Market News: BRICS back expanding capital base of multilateral institutions

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BRICS back expanding capital base of multilateral institutions Mar 29th 2012, 07:00 NEW DELHI, March 29 | Thu Mar 29, 2012 3:00am EDT NEW DELHI, March 29 (Reuters) - The BRICS group of emerging market nations support an expansion of the capital base of the World Bank and have agreed to look more closely at a proposal to set up a South-South development bank, Indian Prime Minister Manmohan Singh said on Thursday. Singh told reporters after a meeting of leaders from Brazil, Russia, India, China and South Africa that the group had agreed on the need to avoid political disruptions that cause volatility in global energy markets. He also decried the lack of political movement on reforming global institutions such as the U.N. Security Council.

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