Bric Development Bank

The Bric's Partner Countries Brazil, Russia, India, China and South Africa have been discussing proposals to form their own development bank which could run on similar lines to the World Bank but under control of the Bric's Partner Countries to help them fund projects in the other developing nations.

The Bric's group are the world's fastest growing economies with a combined GDP of over $ 13 Billion US Dollars and with close to 45% of the world's population then the Bric's region carry's a lot of economic weight.

The Brics' political clout has grown with their importance to the world economy and the latest summit declared its intention to set up a development bank to mobilize "resources for infrastructure and sustainable development projects in Brics and other emerging economies and developing countries, to supplement the existing efforts of multilateral and regional financial institutions for global growth and development".

The talk of a Bric's development bank is a further sign of the Bric countries flexing their muscles and moving up a gear, taking more of a global leadership role both politically and economically on the world's stage.