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President Jacob Zuma has returned from the G20 summit in St Petersburg, Russia, the presidency said on Saturday.
“Progress has been made in negotiating the capital structure of the New Development Bank, its membership, shareholding and governance,” said spokesman Mac Marahaj in a statement.
“The bank will have an initial subscribed capital of US50 billion from the BRICS (Brazil, Russia, India, China and South Africa) countries.”
BRICS countries and other emerging markets expressed concerns over the financial market turbulence coming from the US Federal Reserve.
Global economy issues were also discussed including growth, global trade and job creation.
“South Africa committed to continue with its development programmes including those addressing poverty and inequality,” said Maharaj.
Zuma was accompanied by Finance Minister Pravin Gordhan, and International Relations and Co-operation Minister Maite Nkoana-Mashabane. - Sapa