BRICS Nations Plan New Bank to Encroach on World Bank Turf

BRICS Nations Plan New Bank to Encroach on World Bank Turf

Tomohiro Ohsumi/Bloomberg

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban.