Russia will host the summit of the BRICS bloc in 2015, according to a declaration adopted on Wednesday in Durban, South Africa.

Russia will host the summit of the BRICS bloc in 2015, according to a declaration adopted on Wednesday in Durban, South Africa.

The 2014 summit will take place in Brazil. The economies of the five-state group, which also includes India, China and South Africa, account for more than 25 percent of the world’s GDP.

The BRICS leaders agreed at the meeting in South Africa to lay the foundation for a new international development bank.

The bank is likely to focus on infrastructure financing, a direct challenge to seven decades of dominance by the World Bank.