LEADERS from the BRICS group of emerging powers have failed to launch a much-anticipated new development bank to rival Western-dominated institutions like the World Bank.
After holding talks in the port city of Durban, leaders from Brazil, Russia, India, China and hosts South Africa agreed in principle to create a joint infrastructure lender.
But they said further talks were necessary to finalise the plan.
"We are satisfied that the establishment of a new development bank is feasible," said host President Jacob Zuma on Wednesday, in remarks that hint at little progress beyond an agreement reached in New Delhi a year ago.
"We have decided to enter formal negotiations to establish a BRICS-led New Development Bank."
Officially leaders had been expected to consider the bank's establishment, but South Africa and others had hoped to formally launch a $US50 billion ($A48.10 billion) infrastructure fund at the two-day summit.
The mooted bank is seen as a way of gaining influence on the world stage, countering Europe's dragging economic crisis and addressing the $US4.5 trillion in infrastructure spending the BRICS are estimated to need over the next five years.
Instead of a $US50 billion fund, BRICS leaders agreed only that the initial capital contribution would be "substantial and sufficient for the bank to be effective."
Key sticking points included how projects would be distributed and where the bank would be based, diplomats said.
Russian envoy to Africa Mikhail Margelov told AFP his country had pushed for a more incremental approach.
"We believe in a step by step way of doing business," he said.
The outcome of the summit will fuel suspicions that a grouping as diverse as BRICS will struggle to take concrete action to bolster its demands for a say in world affairs that reflects their growing clout.
"It's far from clear how or where there will be agreement on this institution at all," said Peter Attard Montalto of Nomura bank.
"It may well be five years or so before a development bank is really getting off the ground."
Despite the BRICS' failure to sign off on a deal, leaders insisted the grouping would be a force in world politics.
Chinese President Xi Jinping, who underscored the growing importance his country attached to the group by making Durban his first summit destination in his new role as head of state, admitted the BRICS countries had a long road ahead.
"The potential of BRICS development is infinite," he said. "The real potential of BRICS cooperation is yet to be realised."
Together the BRICS economies account for 25 per cent of global output and 40 per cent of the world's population.
Leaders hailed a slew of accords reached at the summit, including progress toward establishing a $US100-billion virtual reserve fund to fight potential liquidity crises.
The next BRICS summit will be in Brazil in 2014, but its leaders will also meet in Russia on the margins of the G20 in September.
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