When British economist Jim O'Neill coined the acronym BRIC in 2001, he can't have imagined it would turn into a genuine multi-nation alliance with an annual summit.
BRIC stands for Brazil, Russia, India and China. It now has a fifth member: South Africa. Together, the BRICS make up an alliance of developing countries who represent a shift in global economic power away from the established developed countries.
They'll meet over the next two days for their fifth annual summit. This year, the newest member, South Africa, is the host and Durban is the venue.
The big issue will be reinvigorating growth. To do that, they'll discuss the establishment of a 'BRICS bank' to rival traditional financial institutions which are widely seen as reflecting the interests of industrialised countries.
A glance at the BRICS vital statistics and it is clear that they are a potentially powerful bunch.
Together they represent a quarter of the world's landmass, nearly half the world's population and a little over a third of global trade.
The BRICS bank would effectively be a Development Bank designed to improve infrastructure within each of its five member states: in part, an alternative to the International Monetary Fund (IMF).
Infrastructure problems are widely seen as obstacles to accelerated economic growth in Brazil, India and South Africa.
Investment in infrastructure would do two things. Short term, it would stimulate the countries' economies and provide jobs. Longer term, the new and improved infrastructure would provide a platform to accelerate growth.
That is where the BRICS bank comes in. It could provide the funds for the infrastructure. But there are significant disagreements between the member states. How much would each of the five countries contribute? Where would the bank be headquartered?
One suggestion is $10bn (£6.6bn) each. That wouldn't be a problem for China but would represent a huge struggle for South Africa which makes up just 3% of the BRICS total economic mass.
The BRICS first summit was held just before the global crash of 2008. Plenty has changed since then and while the BRICS countries still dominate the emerging markets, their growth momentum has slowed massively.
With those pressures, the BRICS may now represent five countries who are aligned together and against the developed economic establishment but not necessarily wholly allied with each other.
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