The fourth BRICS summit, held in New Delhi, India on March 21, 2012 saw its member states examine the possibility of setting up a “new development Bank”, which would work to mobilise “resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries”.

The proposed Development Bank would act as an alternative for its member states to the Western-dominated International Financial Institutions (IFIs) such as the World Bank (WB) and the International Monetary Fund (IMF). At the New Delhi conference, Brazil’s President Dilma Rousseff criticised the developed world’s monetary policy for creating “unfair obstacles” for developing countries. Following subsequent negotiations, the new development bank is likely to be launched at the fifth BRICS summit, which will be held in Durban, South Africa, in March of next year.

Read more at Laying the BRICS of Development