President Zuma off to Brazil

By Drum Digital
16 July 2014

Leaders from Brics said on Tuesday that they agreed to create a development bank worth US100 billion that would have its headquarters in China.

President Jacob Zuma is set to attend a retreat with international leaders  in Brazil on Wednesday, the presidency said.

This will be on the sidelines of the international summit that is underway.

"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," the presidency said in a statement.

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, which are the member countries of the Brics development community.

- SAPA

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