Major emerging market economies will look closer at creating a joint development bank to coordinate their financial power as the world economy falters,Brazilian Trade Minister Fernando Pimentel said. Development banks of the BRICS group of emerging economies plan to ink memorandums of understanding next week to work on the creation of a multilateral bank that could finance investments in those nations and abroad,Pimentel said. Leaders of China,India,Brazil,Russia and South Africa will meet at a summit in India next week to discuss closer coordination.
