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BRICS aim to set up infrastructure fund

Joint fund could be operational by 2015 if negotiations are successful

Reuters  |  Moscow 

The Russian Direct Investment Fund (RDIF) together with sovereign wealth funds from its peers among the BRICS developing nations aim to form a joint fund to invest in infrastructure projects, the RDIF said on Tuesday. Leaders of Brazil, Russia, India, China and South Africa are holding an annual summit in Brazil this week where they are expected to sign a deal creating a $100 billion development bank and a currency reserve fund of the same amount. The RDIF, a state-backed private equity fund worth $10 billion, invests alongside foreign partners and has previously attracted money ...

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First Published: Tue, July 15 2014. 15:12 IST