The Fourth Annual BRICS Summit in New Delhi, India witnessed the BRICS leaders move closer to establishing  a development bank.

According to the leaders of the world’s top emerging economies, the bank could one day serve as an alternative to World Bank.

CNN reports that the leaders of Brazil, Russia, India, China and South Africa (collectively referred to as BRICS) “agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank, funded and managed by the BRICS and other developing countries.”

In their meeting on Thursday, Finance ministers from the five countries looked into the idea of the development bank with aim to examine its possibilities. The leaders also demanded better representation for developing countries in the governance of the International Monetary Fund.

The BRICS nations make up more than 40 percent of the world population and one-fifth of the global its economy.

Call for Peace

Besides the IMF and economic issues, BRICS leaders also urged  the United Nations and other international bodies for a larger voice for the developing world.

They called for peaceful resolutions of the Syria and Iranian crises.

According to Prime Minister Manmohan Singh of India said, “We agreed that a lasting solution to the problems in Syria and Iran can only be found through dialogue.”

“Institutions of global political and economic governance created more than six decades ago have not kept pace with the changing world. While some progress has been made in international financial institutions, there is lack of movement on the political side,” Singh added.

BRICS nations are increasingly gaining influence as their economic potential positions them favourably in world affairs.

Image via www.wikipedia.com

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