‘BRICS Bank’ proposed to fund development and infrastructure in emerging nations

The leaders of the BRICS countries - Brazil, Russia, India, China and South Africa - discussed the creation of a new development bank at the BRICS summit in India yesterday.
The bank would fund development projects and infrastructure in developing nations.
Though it remains in the planning stages, the leaders are expected to signal their commitment to setting it up as a potential counterweight to other multilateral lenders such as the World Bank and the Asian Development Bank.
"It would be a very powerful financial tool to improve trade opportunities," Brazil's Trade Minister Fernando Pimentel told a session on Wednesday ahead of the summit.
The lead-up to the gathering at a luxury hotel in the centre of the Indian capital saw demonstrations by hundreds of Tibetan exiles protesting against the presence of Chinese President Hu Jintao.
With members often holding divergent views on global political developments, the Delhi summit is expected to focus on increasing intra-BRICS trade, which expanded by 28 percent last year to $230 billion.
Two agreements to simplify processes and provide credit facilities for exporters are expected to be signed, the Indian foreign ministry has said.
Source – Sapa