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Leaders of the so-called Brics nations - Brazil, Russia, India, China and South Africa - are meeting in Durban to discuss the formation of a new development bank.
The bank would fund infrastructure and development projects throughout the developing nations.
Negotiations will focus on where the bank will be based and how much capital it will have.
It would be the first formal institution of the Brics group.
Some commentators see the bank as a potential rival to the World Bank.
Read More: BBC News - Brics nations discuss development bank
The bank would fund infrastructure and development projects throughout the developing nations.
Negotiations will focus on where the bank will be based and how much capital it will have.
It would be the first formal institution of the Brics group.
Some commentators see the bank as a potential rival to the World Bank.
Read More: BBC News - Brics nations discuss development bank