The leaders of the BRICS nations are discussing the creation of a development bank that would be in direct competition to the World Bank.

The heads of Brazil, Russia, India, China and South Africa have long complained about a western bias in the decisions made by the World Bank. The fund would develop infrastructure projects in developing nations.

South African President Jacob Zuma said the fund would help BRICS economies to work with “other emerging markets and developing countries.”

Reports say the bank could have up to $50 billion in capital. The BRICS nations cover more than 40% of the world’s population and 17% of world trade.

In addition to the development bank, a report from the BRICS conference said that China and Brazil have officially signed a currency swap deal of $30 billion.

“If there were shocks to the global financial market, with credit running short, we’d have credit from our biggest international partner, so there would be no interruption of trade,” Brazil’s economy minister, Guido Mantega, told the BBC.