BRICS leaders agree on joint development bank

The BRICS group of emerging economies has hammered out a deal to establish an infrastructure bank that will rival the Western-dominated World Bank.Leaders from Brazil, Russia, India, China and South Africa met Wednesday, on the second day of the fifth BRICS summit in the South African city of Durban.

http://www.presstv.ir/detail/2013/03/27/295436/brics-nations-draw-up-joint-bank-deal/