Member States want to set up a development bank modeled after the World Bank and IMF.

A two-day summit of leaders of Brazil, Russia, India, China and South Africa, BRICS nations opened in Durban, South Africa yesterday, March 26, 2013 in a gathering that focuses on the creation of a joint development bank and council of entrepreneurs, the Voice of Russia said.

Leaders are therefore expected to announce the creation of a BRICS bank to be modeled after the World Bank and International Monetary Fund, IMF. But still to be resolved is the nature and role of the bank - whether it will fund infrastructure, the private sector or government schemes, and also if the loans will have concessional or market-driven rates. The five countries are however agreed that there has to be an alternative to Bretton Woods institutions - the World Bank and IMF – that tend to pursue policies set by the West.

The summit is also hosting a business forum with some 900 businessmen. Other decisions expected from the summit are the creation of a research centre for Information Technology, energy, biology and health care projects, and the reform of members’ monetary systems to enhance mutual trade. Summit leaders will for the first time host African Heads of State and Chief Executive Officers, CEOs.

The grouping has come a long way since 2001, with the largest emerging nations representing 25.9 per cent of the world's land mass, 43 per cent of the population and 17 per cent of global trade, BBC said. The group also accounts for a quarter of the world's Gross Domestic Product, GDP in terms of purchasing power parity. A recent report by the United Nations Development Programme, UNDP says by 2020, the combined economic output of Brazil, China and India will surpass the aggregate production of Canada, France, Germany, Italy, the UK and the United States. BRICS is made up of Brazil, Russia, India, China and South Africa.