A summit of the world's largest emerging economies moves to Brasilia on Wednesday, a day after the five-nation bloc created its own development bank and a currency exchange reserve, dpa reported. In the final day of meetings for leaders of the BRICS countries - Brazil, Russia, India, China and South Africa - participants will meet heads of state and government leaders from across South America. On Tuesday, BRICS leaders agreed to the creation of their own development bank and a monetary reserve aimed at giving the bloc a stronger voice in the international finance markets, as well as to counter the influence of the World Bank and International Monetary Fund (IMF). Each BRICS country will contribute 10 billion dollars to the New Development Bank (NDB), which will be headquartered in Shanghai. The Contingent Reserve Arrangement (CRA) Fund, meanwhile, will serve as a reserve available to BRICS members during times of financial turbulence. The CRA Fund is to be backed by 100 billion dollars, the lion's share of the initial deposit - 41 billion dollars - coming from China. Brazil, India and Russia will each contribute 18 billion dollars and South Africa 5 billion dollars.
