According to an IPS report, citing the information shared by the South African Black Business Council's Secretary Sandile Zungu, the BRICS group - comprising Brazil, Russia, India, China and South Africa - will likely make a decisive advance, in the near future, in the direction of setting up a development bank that will give the group real substance and credibility.

Drawing attention to the current bureaucratic system, as well as lending criteria, conditions attached to loans and slow application-processing mechanism, Zungu told IPS that the setting up of the BRICS Development Bank would definitely be a "welcome development."

Further adding that there is an explicit need for creating the BRICS Development Bank, Zungu said that the call for such a move is essentially based on the fact that the BRICS member-countries have massive infrastructure roll-out programmes.

Zungu said: "The need for the bank is fairly obvious if you look at the growing trade among the BRICS countries and the frustrations these countries have had with existing development financing institutions like the World Bank and the IMF."

Meanwhile, noting that the key focus of the BRICS Development Bank will be infrastructure financing within BRICS, Hannah Edinger - head of Research and Strategy at emerging-markets consultancy group Frontier Advisory - said that the bank will also explore alternative models of cooperation for financing infrastructural projects.