On March 26, 2013, the fifth BRICS summit opened in Durban, South Africa. The BRICS leaders agenda included discussion of the establishment of a BRICS development bank, intended to finance infrastructure. China will contribute US$41 billion to the BRICS Bank. India, Brazil, and Russia will each contribute US$18 billion, while South Africa will contribute US$5 billion.
Due to the fact that China is the biggest financial contributor, China will thus become the largest beneficiary. China can expand the domain of its own power by taking advantage of providing loans to developing countries. China should have the corresponding rights to express its voice as well. The bank headquarter should also be located in Beijing or Shanghai.
Source: China Review News, March 31, 2013