BRICS Development Bank to Rival World Bank

BRICS leaders including Brazil, Russia, India, China and South Africa

As BRICS Leaders prepare to meet in Durban, South Africa this Tuesday for the fifth summit of the BRICS bloc of emerging economies – Brazil, Russia, India, China and South Africa, a groundbreaking economic statement is expected.

The bloc is set to launch a joint development bank that will change the global money game and rival the western-dominated World Bank and the International Monetary Fund (IMF).

Details on how the bank will work remain scanty but diplomats point out that it could start with US$10 billion seed money from each country.