“During the fifth BRICS summit held in Durban, South Africa, from 26-27 March, 2013, the joint statement from the BRICS leaders announced that they have agreed to establish a New Development Bank. The idea of setting up a BRICS Development Bank as an alternative to the World Bank and International Monetary Fund came from India at the 2012 meeting of the Organisation’s finance ministers in Mexico. The Bank that the BRICS seeks to establish is expected to emphasize on infrastructure development and sustainable development.”
