Zuma returns from G20 summit

2013-09-07 15:30
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Zuma at G20 summit in Russia

President Jacob Zuma is at the G20 summit hosted by Russia and is hoping to push forward an agenda to stimulate growth.

Johannesburg - President Jacob Zuma has returned from the G20 summit in Saint 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 spokesperson Mac Maharaj in a statement.

"The bank will have an initial subscribed capital of $50bn [about R515bn] 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.

Read more on:    g20  |  brics  |  jacob zuma  |  maite nkoana-mashabane  |  pravin gordhan

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