Prime Minister Dr. Manmohan Singh is arriving Durban tomorrow on a four-day visit to attend a five-nation Summit on March 26 and 27. The Summit is likely to launch a BRICS development bank and discuss ways to reform governance in international financial institutions.

Accompanied by a high-level delegation including Finance Minister P Chidambaram, Commerce Minister Anand Sharma and National Security Adviser Shivshankar Menon, the Prime Minister will also have an opportunity to meet with the new Chinese leadership on the Summit sidelines.

The highlight of the Summit of the emerging economies of Brazil, Russia, India, China and South Africa (BRICS) is the possible setting up of the BRICS bank. AIR Correspondent coving the Prime Minister's visit reports that Durban is all set to host the Summit with delegations from the BRICS countries having started pouring in.

The Summit promises to bring about ground-breaking initiatives such as the establishment of development bank of developing countries that will trim their reliance on the World Bank and IMF. The Summit will cover issues including trade, the global economy, agriculture, health and innovation, terrorism, climate change, food and energy security. The first summit was held in 2009 in Russia with the leaders from Brazil, Russia, India and China (BRIC). The second summit was

held I Brazil in 2010. In 2011 with China as the host, South Africa attended for the first time and it came to be known as BRICS. India hosted the fourth summit with the leaders of all the five BRICS countries in March 2012. India is currently the chairman of BRICS.