BRICS development bank on the cards, seen to be a challenge to World Bank dominance

DURBAN, South Africa: Leaders from the BRICS emerging nations are expected to launch a joint development bank to rival Western-dominated institutions at a summit beginning tomorrow.

The grouping of Brazil, Russia, India, China and hosts South Africa will meet in Durban to set up an infrastructure-focused lender that would challenge seven decades of dominance by the World Bank.