LEADERS from the BRICS group of emerging powers will unveil a scaled-back plan to challenge Western supremacy at global institutions like the World Bank.
Leaders from Brazil, Russia, India, China and hosts South Africa were set to hammer out deals designed to counter the impact of Europe's dragging economic crisis and gain more influence on the world stage.
Topping the agenda on the final day of the BRICS summit is an agreement to establish an infrastructure bank designed to rival the US and European-led World Bank that has dominated development finance for several decades.
"The BRICS-led bank is intended to mobilise domestic savings and to co-fund infrastructure in developing regions," host and South African President Jacob Zuma told the gathering in the port city of Durban.
Together the BRICS economies account for 25 per cent of global output and 40 per cent of the world's population.
But members say global institutions such as the World Bank, the International Monetary Fund and the United Nations Security Council are not changing fast enough reflect their new-found clout.
Echoing the BRICS' new-found confidence, Brazilian President Dilma Rousseff said the summit came "at a point in time that is marked by deep economic changes, sweeping changes, which have made our BRICS nations key stakeholders and players."
The disparate BRICS grouping has, however, struggled to turn that ideological belief into concrete progress toward their goals.
BRICS negotiators had been under pressure to come up with a deal on the bank to prove it is more than a talking shop, but a wide-ranging agreement appears to be beyond reach.
A push for the bank to have a substantial $US50 billion ($A47.90 billion) starting balance is likely to be significantly scaled back and there is little agreement on the bank's mandate.
The details were "being hammered out", South Africa's Trade Minister Rob Davies admitted.
The bank is not likely to be up and running for years.
The key sticking points were defining the scope of the bank, how projects would be distributed and where it would be based.
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