The five Brics nations will begin talks to establish a development bank, President Jacob Zuma said on Wednesday.

"We will enter formal negotiations to establish a Brics Bank," he said following talks held between the leaders of the five nations at the Fifth Brics Summit in Durban.

He warned that Brics nations needed to be vigilant "to underlying weaknesses" in the world economy.

The establishment of a Brics development bank was suggested at the Fourth Brics Summit last year. Brics is an acronym for the group of developing nations Brazil, Russia, India, China, and South Africa.

Finance ministers of the five countries met on Tuesday to iron out details of the bank.

According to the Russian finance minister, agreement could not be reached on a number of issues related to the bank's formation.

These included whether voting rights would be accorded based on the size of contributions by member states, or by consensus; and the bank's location.

Zuma said on Wednesday Brics members all had their own problems.

South Africa had major difficulties in educating its youth and South Africa wanted to learn from the other Brics countries.

Cooperation of the Brics countries with the rest of Africa was critical, Zuma said.

The leaders of the five countries had been expected to sign a number of agreements, such as the formation of the Brics Business Council, an agreement to establish a think-tank, and an agreement on the proposed Brics Bank.

India's prime minister Manhmoham Singh said the Brics development bank would open opportunities and possibilities for Brics countries.

He said Brics countries stood to benefit from their convergence and collective strength.

Brazil president Deilma Rousseff said the development bank was tailored for the needs of Brics countries.

She said the bank had the highest potential for growth.

China president Xi Jinping called on Brics countries to support Africa for stronger growth. He said Brics countries should forge a bond among each other and work hard in pushing for co-operation.

"We should not only seek our own development, but seek the development of all countries," he said.

Jinping said Brics countries should uphold international fairness and justice, and safeguard world peace and stability.