The fifth BRICS Summit concluded at Durban on Wednesday with the leaders of Brazil, Russia, India, China and South Africa (BRICS) announcing the formation of a BRICS Development Bank aiming 4.5 trillion US Dollars capital formation in five years time to finance development projects. Agreement was also reached on the setting up of a 100 billion US Dollar Contingency Reserve fund to address financial challenges and further strengthen financial stability among member nations.

Several agreements were also signed to enhance Intra BRICS trade to achieve the ambitious trade target of 500 billion US Dollars by 2015. The formation of the BRICS Business Council was also announced today to create an enabling environment for free flow of people and trade between member nations.

Speaking to the media at Durban Finance Minister P. Chidambaram expressed happiness the Indian proposal to form a BRICS Development Bank was endorsed by leaders at the Durban Summit. The proposal was first mooted last year in the New Delhi BRICS Summit.

Finance Minister P. Chidambaram said, the big idea of BRICS Development has become a reality. He said, the other idea of a Contingency Reserve Arrangements approved by the BRICS leaders were the two major recommendation of BRICS finance minister.

The finance Minister said, the details of the Bank including Capital formation will be worked out in due course.