The term frontier markets was coined in 1992 by the International Finance Corporation (IFC), and it referred to a subset of emerging markets. Subsequently, frontier indices was established by major providers like Standard & Poor's, MSCI, Russell Investments and FTSE. The number of frontier markets in these indices ranges from 25 in the MSCI index to 41 in the Russell Frontier Index. The criteria for inclusion, is that it should not already be a component of any emerging market or developed market indices. They must also qualify on parameters such as its economic development, market accessibility, liquidity and foreign investment restrictions. Will the frontier markets be able to challenge the BRIC's as the next growth opportunity with real economic development, or will they become yet another investment vehicle only for some time.