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A bank of, for, and by, the developing world

South Africa's president Jacob Zuma (R) and his Chinese counterpart Xi Jinping attend a meeting at the Union Buildings in Pretoria on March 26, 2013.

Leaders of the BRICS nations -- Brazil, Russia, India, China and South Africa -- are wrapping up a summit today. They have a new plan to create a bank to fuel economic growth in the developing world.

The BBC's Matt Davies joins Marketplace Morning Report host Jeremy Hobson from the summit in Durban, South Africa to discuss the details behind the bank plan.

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Oh great, a banking alliance of some of the most corruption-plagued nations in the emerging world. Good luck with getting China, Russia, India and South Africa to compete, one national system of corruption against another. This should be fun to watch.

What should we call such a bank? I'm thinking the ACNE ("Alliance of Corrupt National Enterprises") bank.

PROMISING PROSPECT. LOCAL COMMUNITIES WILL WANT TO REVIEW PLANS IN ADVANCE.

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