TEHRAN, YJC. -- The decision to set up a BRICS Development Bank is likely to be made at the present summit of the organization in principle, and details will be coordinated at subsequent summits, spokesman for the Russian president Dmitry Peskov said.
"At present, discussions are underway over the proportions of investments, the management system, etc," Peskov said, "that it will be a market mechanism is the position adhered to by Russia."
"Today, the decision may be made in principle, and details and certain fine points might be left to other summits to settle," the spokesman said.
Leaders of BRICS including Brazil, Russia, India, China and South Africa have gathered in South Africa's coastal resort of Durban, to discuss International issues in the summit.
Earlier it was announce that the BRICS plans to establish BRICS Development Bank.