BRICS nations meet for summit in northeastern Brazil

Industries Associated Press

The leaders of the BRICS nations are meeting in Brazil for a summit where they are expected to officially create a bailout and development fund worth $100 billion.

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Leaders of Brazil, Russia, India, China and South Africa are conferring in a closed session Tuesday morning. In the afternoon, they're expected to sign agreements focusing on trade and business.

But the creation of the fund is the highlight of the meeting. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe.

The fund is tentatively called the New Development Bank — and other countries may later join it. The BRICS countries have yet to decide where it will be based or who will lead it.