The BRICS countries, an acronym of the five members Brazil, Russia, India, China and South Africa, meet for three days for a summit in Johannesburg starting Tuesday.
Representing 23% of the world's gross domestic product and 42% of the world's population, they are seeking to dull Western economic domination in global affairs.A group of emerging economies, it was formally launched in 2009 and it meets yearly at a summit hosted in rotation by one of the member countries.
It promotes the recognition of a multipolar global order with economic and political balance, with the aim of breaking away from organisations formed in the post-World War II era, such as the World Bank and the International Monetary Fund .The bloc whose economic growth is mainly driven by China and India, is now open to expansion.
The Shanghai-headquartered bank has since invested $30 billion in infrastructure development projects in member states and other developing economies.Preparations for the summit saw diplomatic tensions rise on the global stage after host President Cyril Ramaphosa invited Russia's President Vladimir Putin who is the target of an International Criminal Court arrest warrant over the war in Ukraine.
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