In this picture taken March 27, 2013, leaders of the BRICS countries - Indian Prime Minister Manmohan Singh (1st left), Chinese President Xi Jinping (2nd left), South African President Jacob Zuma (centre), Brazilian President Dilma Rousseff (2nd right) and Russian President Vladimir Putin (1st right) pose for a group photo during the 5th BRICS Summit in Durban, South Africa. Photo/FILE
What you need to know:
The entity would be called "New Development Bank", with each BRICS member to contribute $2 billion to its capital.
The bank would have a maximum capital of $100 billion and be headquartered in Shanghai or New Delhi.
Brazil, Russia, India, China and South Africa unveiled in 2013 their plans to create the bank, which aims to rival Western-dominated institutions like the World Bank.
The BRICS group of emerging giants are expected to sign a deal next week to open their own development bank by 2016, Russia's finance minister said Wednesday.
The entity would be called "New Development Bank", with each BRICS member to contribute $2 billion to its capital, Anton Siluanov said, according to Russian news agencies.
The bank would have a maximum capital of $100 billion and be headquartered in Shanghai or New Delhi.
Brazil, Russia, India, China and South Africa unveiled in 2013 their plans to create the bank, which aims to rival Western-dominated institutions like the World Bank.
"During the summit, we should decide on the creation of the bank and a currency fund," said Siluanov.
He added that member states would have to make their contributions to the bank's capital within seven years but that the bank should effectively be created by 2016.
Membership in the bank, which would specialise in financing infrastructure works, would be open to other UN states but the five BRICS nations would hold a controlling share of above 55 per cent.
Siluanov said the BRICS would also sign a framework deal for a fund during the summit.
The fund -- dubbed a "mini-IMF" -- would amount to $100 billion, with $41 billion from China, $18 billion each from India, Brazil and Russia and five billion from South Africa.
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