The BRICS countries have established a new bank with $100bn (£58.3bn) in a move to distance themselves from Western dominance.
The leaders of the five countries have signed a deal to create a new development bank and emergency reserve fund, worth another $100bn.
Both will counter the influence of Western-based lending institutions and the dollar.
BRICS stands for the five major emerging economies which are known for their fast-growing economies and significant influence - Brazil, Russia, India, China and South Africa.
Together they represent nearly 3 billion people, or 42% of the world’s population, with about 20% of the world’s economy. Total trade between the countries is $6.14 trillion, or nearly 17% of the world’s total.
The new bank will provide money for infrastructure and development projects in BRICS countries, and unlike the IMF or World Bank, each nation has equal say, regardless of GDP size. The five nations have long been critical of these institutions for not giving enough voting rights to developing countries.
The bank will have a headquarters in Shanghai, China and the first president for the bank will come from India.
Brazilian President Dilma Rousseff said that BRICS countries have the power to introduce positive changes - ones that they think are more equal and fair.
