In a pioneering step that could change the dynamics of South-South geo-economic landscape, the BRICS’ finance ministers have cleared the path-breaking Development Bank that will cater to the funding needs of infrastructure-hungry developing world that is negotiating its ascent to the global pecking order.   
It’s a game-changing moment for the global South as the bank is envisaged as an alternative to the West-dominated Bretton Woods institutions, an important milestone in accelerating reform of global financial institutions of governance.
“It’s done,” South Africa’s Finance Minister Pravin Gordhan said in the coastal South African city after a meeting with his counterparts from the other four BRICS countries. “We made very good progress,” Gordhan said.
Finance Minister P. Chidambaram represented India at the crucial meeting that has firmed up what is expected to be the showpiece deliverable of the summit of the $14 trillion grouping