Wednesday, March 27, 2013

The fifth BRICS summit ends on a high note

Mluleki Mrwebi
27 March 2013

Today President Jacob Zuma said he is pleased to see a level of enthusiasm amongst business leaders from the BRICS countries. 

The BRICS Summit comes to an end today with positive outcomes, including the development of a BRICS bank. 

The bank’s formation has largely been described as the crowning achievement of the fifth Brics summit.

The Brics bank will finance infrastructural development and in agreeing on its formation, the emerging economies group has moved from rhetoric to action. 

Zuma said BRICS cooperation towards more productive use of global financial resources can make a positive contribution to addressing this problem.

“We are grateful to our Finance Ministers and Central Bank Governors for the work undertaken on the New Development Bank and the Contingent Reserve Arrangement and direct them to negotiate and conclude the agreements which will establish them. We will review progress made in these two initiatives at our next meeting in September 2013” said Zuma.

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