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Brics nations agree development bank

The leaders of the world's largest emerging economies - Brazil, Russia, India, China and South Africa - meeting in Brazil have signed a deal to create a new $100bn development bank and emergency reserve fund.

The leaders of the five Brics countries have signed a deal to create a new $100bn (£58.3bn) development bank and emergency reserve fund.

The Brics group is made up of Brazil, Russia, India, China and South Africa.

The capital for the bank will be split equally among the five participating countries.

The BBC's South America business correspondent Katy Watson explains from Fortaleza, where the leaders have been meeting.

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