BRICS Nations Launch New Development Fund To Compete With World Bank

Leaders of the BRICS nations, from left, Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazil's President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma, pose for a group photo during the BRICS summit in Fortaleza, Brazil, Tuesday, July 15, 2014. The leaders of the BRICS nations are expected to officially create a bailout and development fund worth $100 billion. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe. (AP Photo/Silvia Izquierdo)

The leaders of the BRICS nations are meeting in Brazil for a summit where they are expected to officially create a bailout and development fund worth $100 billion.

Leaders of Brazil, Russia, India, China and South Africa are conferring in a closed session Tuesday morning. In the afternoon, they're expected to sign agreements focusing on trade and business.

But the creation of the fund is the highlight of the meeting. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe.

The fund is tentatively called the New Development Bank — and other countries may later join it. The BRICS countries have yet to decide where it will be based or who will lead it.