Tigrai Online March 29, 2013
A group of five emerging world economic powers met in Africa for the first time Tuesday, gathering in South Africa for a summit meeting at which they plan to announce the creation of a new development bank, a direct challenge to the dominance of the World Bank and the International Monetary Fund.
The leaders of Brazil, Russia, India, China and South Africa, all members of the so-called BRICS Group of developing nations, have agreed to create the bank to focus on infrastructure and development in emerging markets. The countries are also planning to discuss pooling their foreign reserves as a bulwark against currency crises, part of a growing effort by emerging economic powers to build institutions and forums that are alternatives to Western-dominated ones.
Source: New York Times - http://www.nytimes.com/2013/03/27/world/africa/brics-to-form-development-bank.html?_r=1&