SA ‘ideal’ for Brics bank

2013-03-26 08:30

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

South Africa is well positioned to become the home of the Brics development bank.

“We have one of the most highly ranked financial systems globally,” Standard Bank joint chief executive Sim Tshabalala was quoted as saying in Business Report today.

He was speaking during a panel discussion in Durban on Sunday. He reportedly said South Africa was ideal to house the bank because of its solid financial legal framework, auditing abilities, and concrete international financial connections.

The fifth Brics summit would start this evening with an opening ceremony and a banquet hosted by President Jacob Zuma.

Brics is a group of developing nations consisting of Brazil, Russia, India, China, and South Africa. This is the first Brics summit on African soil.

Yesterday, Zuma said the heads of state of the Brics countries would attend the summit. Several agreements would be signed, cementing economic ties between China and South Africa.

Zuma said a declaration on strategic partnerships between Russia and South Africa would be signed in fields such as defence, education, energy, science, technology, and transport.

South Africa will chair the group for 12 months after Durban and then hand over to Brazil.

During the summit, Brics finance ministers will present the results of a feasibility study on a Brics development bank.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.