Institution would help developing countries finance infrastructure

The widely expected BRICS development bank and contingency fund would alter the contours of global economic governance long dominated by the West, analysts said.

Talk has revolved around how much BRICS members (Brazil, Russia, India, China and South Africa) would fund the bank's initial capital, where the headquarters would be and who would head them - details that might be unveiled following discussions by leaders at the ongoing BRICS summit in Brazil.