BRICS bank birth on the cards

By Drum Digital
08 July 2014

International Relations Minister Maite Nkoana-Mashabane says hosting the Brics bank will not be determined by the financial contribution of individual members.

Hosting the Brics bank will not be determined by the financial contribution of individual members, International Relations Minister Maite Nkoana-Mashabane said on Tuesday.

"What determines who becomes the domicile or the CEO does not go with how much you put in as we finally launch this bank. Finance ministers were mandated at the previous summit to establish a development bank," she told reporters in Pretoria.

"The key outcome of Durban (the previous Brics summit) was that the leaders had agreed to establish the bank. Issues of the final domicile and the presidency of the bank will be discussed by the heads of state." Leaders of Brazil, Russia, India, China and South Africa are set to sign a treaty to launch the bank officially when they meet at the 6th Brics summit in Brazil on July 15. "We are confident that the leaders will not be disappointed. Our finance ministers will meet a day prior to the summit to finalise recommendations," she said.

"The development bank will prioritise financing infrastructure and sustainable development projects, among others."

South Africa will hand over the chairmanship of the Brics forum to Brazil this month.

Nkoana-Mashabane said substantive progress was achieved during South Africa's tenure at the helm of Brics and after the country's adoption into the forum.

"South Africa's voice is always sought when Brics member states make decisions. At the first two Brics summits hosted before we joined, there was no vision document adopted," she said.

The Brazil summit will be held under the theme: "Brics - Inclusive growth: Sustainable solutions".

Several ministers including Nkoana-Mashabane, Finance Minister Nhlanhla Nene and Trade and Industry Minister Rob Davies will accompany President Jacob Zuma.


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