Last updated: March 27. 2013 6:36AM - 405 Views
Associated Press



Russian President  Vladimir Putin and  South African President Jacob Zuma exchange documents after signing the Declaration of State Partnership between South Africa and Russia at the BRICS 2013 Summit in Durban, South Africa,  Tuesday, March 26, 2013. Heads of State of BRICS nations (Brazil, Russia, India and China) meet in the South Africa city of Durban for the two day summit. (AP Photo/S Mngoma)
Russian President Vladimir Putin and South African President Jacob Zuma exchange documents after signing the Declaration of State Partnership between South Africa and Russia at the BRICS 2013 Summit in Durban, South Africa, Tuesday, March 26, 2013. Heads of State of BRICS nations (Brazil, Russia, India and China) meet in the South Africa city of Durban for the two day summit. (AP Photo/S Mngoma)
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(AP) Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.


The bank would use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa but would undoubtedly be dominated by China. It would be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order.


President Vladimir Putin on Wednesday gave Russia's support to the bank but cautioned it "must work on market principles."


India's trade minister says BRICS will "have a defining influence on the global order of this century."


Associated Press
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