The fifth summit of the BRICS (Brazil, Russia, India, China, South Africa) countries met in Durban, South Africa March 26 and 27, 2013, to discuss "political and economic coordination." They released their fifth summit declaration, "BRICS and Africa: Partnership for Development, Integration and Industrialisation," which includes plans for a BRICS development bank. In the 2014 Fortaleza Declaration of the Sixth BRICS Summit, more details about the bank are explained.
Excerpt from eThekwini Declaration:
"1. We, the leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa, met in Durban, South Africa, on 27 March 2013 at the Fifth BRICS Summit. Our discussions took place under the overarching theme, "BRICS and Africa: Partnership for Development, Integration and Industrialisation". The Fifth BRICS Summit concluded the first cycle of BRICS Summits and we reaffirmed our commitment to the promotion of international law, multilateralism and the central role of the United Nations (UN). Our discussions reflected our growing intra-BRICS solidarity as well as our shared goal to contribute positively to global peace, stability, development and cooperation. We also considered our role in the international system as based on an inclusive approach of shared solidarity and cooperation towards all nations and peoples.
2. We met at a time which requires that we consider issues of mutual interest and systemic importance in order to share concerns and to develop lasting solutions. We aim at progressively developing BRICS into a full-fledged mechanism of current and long-term coordination on a wide range of key issues of the world economy and politics. The prevailing global governance architecture is regulated by institutions which were conceived in circumstances when the international landscape in all its aspects was characterised by very different challenges and opportunities. As the global economy is being reshaped, we are committed to exploring new models and approaches towards more equitable development and inclusive global growth by emphasising complementarities and building on our respective economic strengths.
3. We are open to increasing our engagement and cooperation with non-BRICS countries, in particular Emerging Market and Developing Countries (EMDCs), and relevant international and regional organisations, as envisioned in the Sanya Declaration. We will hold a Retreat together with African leaders after this Summit, under the theme, "Unlocking Africa's potential: BRICS and Africa Cooperation on Infrastructure". The Retreat is an opportunity for BRICS and African leaders to discuss how to strengthen cooperation between the BRICS countries and the African Continent.
4. Recognising the importance of regional integration for Africa's sustainable growth, development and poverty eradication, we reaffirm our support for the Continent's integration processes.
5. Within the framework of the New Partnership for Africa's Development (NEPAD), we support African countries in their industrialisation process through stimulating foreign direct investment, knowledge exchange, capacity-building and diversification of imports from Africa. We acknowledge that infrastructure development in Africa is important and recognise the strides made by the African Union to identify and address the continent's infrastructure challenges through the development of the Programme for Infrastructure Development in Africa (PIDA), the AU NEPAD Africa Action Plan (2010-2015), the NEPAD Presidential Infrastructure Championing Initiative (PICI), as well as the Regional Infrastructure Development Master Plans that have identified priority infrastructure development projects that are critical to promoting regional integration and industrialisation. We will seek to stimulate infrastructure investment on the basis of mutual benefit to support industrial development, job-creation, skills development, food and nutrition security and poverty eradication and sustainable development in Africa. We therefore, reaffirm our support for sustainable infrastructure development in Africa."