The world's five largest developing economies wrapped up their summit meeting in the Indian capital, New Delhi, Thursday by calling for the formation of a shared development bank.

Leaders of Brazil, Russia, India, China and South Africa — or the BRICS, as they are known — said they need a more representative international financial structure.

Indian Prime Minister Manmohan Singh, who hosted the one-day summit, said the countries are moving closer to a key step in promoting mutual investment — a development bank funded and managed by the BRICS and other developing countries.

South African President Jacob Zuma said he and other African leaders are welcoming the proposed bank, saying it has the potential to help create good jobs in developing countries.

His Russian counterpart, Dmitry Medvedev said the BRICS nations will play a key role in reforming global governance in coming years. He said:

“The world financial system is outdated and needs to be reformed. It does not take into account the significant role played by BRICS countries.”

In their joint declaration at the end of the summit, the BRICS leaders also strongly criticized monetary policy in Western countries. They said the policies — slashing interest rates and infusing cash into the banking system — may revitalize developed economies, but they also create problems for emerging economies.

The leaders also addressed the Iran nuclear crisis. They said the group recognizes Tehran's right to peaceful use of nuclear energy and warned “disastrous consequences” would result if the dispute about alleged nuclear weapons programs escalates into violence.

They also spoke in one voice on Syria, saying the crisis there should be resolved through “broad national dialogue” and with respect for the country's independence and sovereignty.

The BRICS countries represent 40 percent of the world's population. The shared development bank would provide mutual credit and investment opportunities for members and other developing nations without having to depend on Western institutions.

Rajiv Biswas, chief economist for IHS Global Insight in Singapore, told VOA Thursday such a bank could help offset some effects of the European debt crisis.

“I don't think it necessarily has to be competing with the World Bank. I think, at the moment, the issue is having sufficient funding for the rapid growth in developing countries in terms of trade and investment at a time when most of the concerns about the deleveraging going on in the European banking system.”

((##

AP feeds:

Reuters feeds:

(Russian) RUSSIAN PRESIDENT, DMITR MEDVEDEV:

“BRICS has become a format for (unclear) in the international arena. It is first of all the commonality of the core interests of the participating countries in the economic spheres as well as in political lives.”

(Russian) RUSSIAN PRESIDENT, DMITRY MEDVEDEV:

“Of course, first all speaking about the reforms of the International Monetary Fund (IMF) and these reforms should be accomplished till the end and it should be done as we have agreed within the framework of G-20 and we shouldn't put aside these problems because these problems are not solved.”