SA hopes to keep Brics-led bank

2013-03-06 00:00

SOUTH Africa hopes to be the country to house the planned development bank to be launched at the Brics (Brazil, Russia, India, China and South Africa) summit later this month.

“We think we are strategically located. We have the best financial services in the world,” Minister of International Relations and Co-operation Maite Nkoana-Mashabane said yesterday at a roadshow held at Moses Mabhida Stadium in Durban.

Attended by ambassadors from the Brics member states, the roadshow was held three weeks before South Africa hosts the fifth Brics Summit for 5 000 delegates in Durban on March 26 and 27.

According to Nkoana-Mashabane, the launch of the development bank — envisaged to help the Brics member states in turbulent financial times — was just one of the key outcomes expected from the summit.

She said a report on the viability of the bank was being finalised by Brics finance ministers.

“As we establish the Brics-led Development Bank, we will also report on a contingency reserve to deal with turbulent financial times,” Nkoana-Mashabane said.

The Brics summit will have a session to interact solely with African leaders for the first time.

The summit will also launch a consortium of Brics think-tanks to champion things the member countries would do together, and a Brics business council.

“The preparations are at advanced stages. We have started the countdown,”she said.

Premier Zweli Mkhize said the province saw lots of benefits from the association with the summit.

He said the provincial government has scheduled a number of meetings to take matters of interest forward with Brics member countries.

“The Brics Summit serves as a platform on which synergies between the economy of KZN and economies of member nations will be strengthened.

“We want to promote KZN as a destination for direct foreign investment,” he said.

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