Leaders of the Brics group of emerging economies yesterday announced they had agreed to set up a development bank that could ultimately challenge the influence of the Bretton Woods institutions, but they failed to produce any details on its size or structure.
The push to create a bank was the key theme of the Brics summit in Durban that brought together leaders of Brazil, Russia, India, China and South Africa, with the move seen as a test of whether the club of nations can develop beyond a loose political grouping.
The five leaders unambiguously backed the development bank initiative and speeches were laced with calls for greater co-operation between Brics nations, amid references to a shifting world order as the west continues to grapple with its economic woes.