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At last month’s Brics summit, it was confirmed that a new international development bank and emergency lending pool would be set up by Brazil, Russia, Ind...
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At last month’s Brics summit, it was confirmed that a new international development bank and emergency lending pool would be set up by Brazil, Russia, India, China and South Africa.
Following Brazil’s successful hosting of the sixth Brics summit, it is opportune to reflect on some of the key outcomes from a trade and investment perspective and their significance for South Africa.
There is no necessity for another African country to be part of the Brics grouping of Brazil, Russia, India, China and South Africa.
Rarely has an acronym led such a charmed life as Brics.
All five Brics (Brazil, Russia, India, China, South Africa) countries would have wanted to host the bloc's development bank, Finance Minister Nhlanhla Nene said.
The Brics nations have agreed on the structure of a $50bn development bank by granting China its headquarters and India its first rotating presidency.
Brazil's President Dilma Rousseff said a decision by Brics emerging powers to create a development bank did not mean Brasilia was moving away from the IMF.
The formation of a new bank by BRICS countries to aid infrastructure development bodes well for business.
“The Brics are gaining political weight and demonstrating their role in the international arena.”
Chinese media hailed the Brics development bank blaming Western countries for flaws in the global financial system.
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