BRICS: Joint development bank possible

Loyiso Langeni
25 March 2013

Leaders from the BRICS emerging nations are expected to launch a joint development bank to rival western-dominated institutions at a summit beginning on Tuesday.

The grouping of Brazil, Russia, India, China and hosts South Africa will meet in Durban to set up an infrastructure-focused lender that would challenge seven decades of dominance by the World Bank.

Minister of International Relations and Co-operations Maite Nkoane Mashabane said it’s a great opportunity for South Africa and the African continent.

Nkoane Mashabane added that they are now focusing on this historic moment where President Zuma will be hosting the first BRICS Summit on African soil.