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On the diplomatic front, the summit will mark the first face to face meeting between India new Prime Minister Narendra Modi with Chinese President Xi Jinping.
The leaders, including South African President Jacob Zuma, will establish two new financial organisations: a development bank to fund infrastructure projects and a reserve fund to fend off currency and balance of payments crises.
The BRICS are "countries with enormous potential that can gain many benefits for themselves but also for a new economic and international political order," said senior Brazilian foreign ministry official Jose Alfredo Graca Lima.
the next day in Brasilia.
And the membership of the board of directors has yet to be decided.
The five countries are also negotiating who should hold the bank rotating presidency first.
BRICS to launch development bank
The bank will have capital of $US50 billion ($54.10bn) with each country contributing $US10bn, while the reserve, which has been described as a "mini IMF," will have $US100 billion at its disposal, Graca Lima told reporters.
Despite their agreement on the need for a bank, the five countries are split on where it should be headquartered.
Moscow are the other candidates.
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Graca Lima said the bank and the reserve would "complement" the US based World Bank and International Monetary Fund.
"The BRICS want to create alternatives, a type of global monetary policy more in tune with the realities of emerging countries," said Andre Perfeito, chief economist at Gradual Investimentos consultancy.
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For the fund, China will make the biggest contribution, $US41bn, followed by $US18bn from Brazil, India and Russia and $US5bn from South Africa.
The BRICS group of emerging powers will launch its own development bank at a summit next week, using its growing influence to establish a counterweight to US and European dominated financial organisations.
Graca Lima said Shanghai was the frontrunner to host the bank Nike Vapormax Flyknit Red but South Africa Trade and Industry Minister Rob Davies said Johannesburg was still in the running.
The BRICS were created after economist Jim O used the acronym in 2001 to describe the growing powers.
trip comes amid newly frayed relations with the US over the crisis in Ukraine.
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