03/27/2013 05:57 EDT | Updated 05/27/2013 05:12 EDT

BRICS nations plan development bank to build massive infrastructure, challenge to World Bank

DURBAN, South Africa - Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.

The bank would use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa but would undoubtedly be dominated by China. It would be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order.

President Vladimir Putin on Wednesday gave Russia's support to the bank but cautioned it "must work on market principles."

India's trade minister says BRICS will "have a defining influence on the global order of this century."