Johannesburg - President Jacob Zuma will attend a special retreat with international leaders on the sidelines of the Brics summit in Brazil on Wednesday, the presidency said.
“It will be a helpful session as we look forward to increasing regional solidarity and co-operation on issues of economic co-operation, trade and investment as well as global peace between Africa and South American nations,” it said in a statement.
The leaders of five emerging market powers said at a summit on Tuesday that they agreed to create a development bank worth US100
billion that would have its headquarters in China, Associated Press reported.
The first president of the New Development Bank (NDB) would be from India and the position would rotate every five years among Brazil, Russia, India, China and South Africa - known as Brics countries - a joint statement from the leaders said. - Sapa