In New Dehli, leaders of the world's five emerging economies, Brazil, Russia, India, China and South Africa, have decided to set up a Development Bank to stimulate trade and business.

Brazil's President Dilma Rousseff, Russian President Dmitry Medvedev, India's Prime Minister Manmohan Singh, Chinese President Hu Jintao and South Africa's President Jacob Zuma (L to R) pose for group photos in New Delhi, capital of India, on March 29, 2012. [Xinhua]

Leaders of the BRICS countries are joining hands, pushing for a bigger say in global financial affairs. Manmohan Singh, Indian Prime Minister, said, "The suggestion has been made to set up a BRICS Development Bank."

This venture is expected to help streamline efforts to raise capital and boost trade within the bloc by using its currencies. The finance ministers of the five nations will examine the details of the proposal and report back at the next summit. The Indian Prime Minister says it will also benefit world economy.

Manmohan Singh said, "To revive global economy, developing countries need access to capital, particularly in infrastructure and development."

As European and US economies skimp on imports, the BRICS countries say it's crucial to expand trade within the bloc.

Hu Jintao, Chinese President, said, "We should stay committed to common development and promote common prosperity. BRICS countries keeping the strong momentum of economic development and improving people's livelihood is in itself a great contribution to the world."

Other BRICS leaders are on the same page. Manmohan Singh said, "We must promote greater interaction among our business communities, issues such as easier business visas must be prioritized."

Pushing for a supplement to the current lending institutions, the emerging economic powerhouses are seeking momentum for growth.

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