Aug 06, 2012
Experts to meet on Brics development bankBack
Rio De Janiero|Africa|Africa|Brazil|China|India|Mexico|Russia|South Africa|University Of Pretoria|Bank|Development Bank|Finance Bodies|Anil Sooklal|Infrastructure|Jacob Zuma|Mathews Phosa|Mzukisi Qobo
© Reuse this
Speaking at a South African Institute of International Affairs and University of Pretoria Brics panel discussion, he said that a group of experts from the five countries were expected to meet in Rio de Janiero, Brazil, to outline the requirements of a bank and conceive a possible roadmap to its establishment.
The aim of the meetings, the next of which was to be hosted in South Africa, was to examine what the Brics group of emerging countries collectively hoped to achieve with the bank and how to proceed with the set up.
Finance Ministers from each country were tasked with establishing the bank.
The ‘Brics’ bank, which was expected to be launched at the fifth Brics summit, in South Africa, early next year, would fund development and infrastructure, becoming an alternative to the World Bank and other finance bodies for the Brics counterparts.
ANC treasurer general Mathews Phosa last month commented that it could also act as a platform to improve trade opportunities between the member countries.
Phosa stated that the group of emerging countries were expected to play a significant role as growth drivers in the global economy.
University of Pretoria international political economy senior lecturer Dr Mzukisi Qobo noted that there was no “impressive” rise in intra-Bric trade since South Africa joined Brics, owing to a number of trade barriers and tension among the countries. But, he stressed, it did not suggest these countries could not work together.
The Brics emerging countries were positioned to play an important role in contributing to, besides others, world peace and boosting global economic growth, Sooklal said.
Brics accounted for over 40% of the global population and about 25% of the global gross domestic product.
Sooklal also believed that the commitments – financial or otherwise – made by South Africa would benefit the country in the long term.
Last month, President Jacob Zuma committed $2-billion to the International Monetary Fund (IMF) at the G20 summit, in Mexico. Brazil, Russia, India, China and South Africa have in total contributed $75-billion to the IMF fund.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
This Week's Magazine
Updated 3 hours ago As the City of Ekurhuleni continues its bid to develop the largely industrialised metropole into the continent’s first aerotropolis, executive mayor Mondli Gungubele has committed the city to creating a predictable, stable and enabling business environment in which...
Updated 3 hours ago While Ford Motor Company of Southern Africa (FMCSA) did not have “significant issues” with power supply in Gauteng, it was a different story in the Eastern Cape, said FMCSA and American Chamber of Commerce in South Africa president Jeff Nemeth earlier this month....
Updated 3 hours ago In 2000, exports into Africa from South Africa represented less than 5% of the turnover of Federal Mogul Motorparts Africa, with sales largely centred around Zimbabwe, Zambia, Malawi and Mozambique. Today, African exports represent 30% of sales, with trade expanded...
Updated 3 hours ago The Malawi government has launched a $50-million project to upgrade the Kamuzu barrage, on the Shire river, an outlet of Lake Malawi, which is used to control the flow of water from the lake to the lower Shire area. The project will run from this year to 2017 and...
Updated 3 hours ago Our new Technical and Vocational Education and Training (TVET) Colleges will replace the Further Education and Training (FET) Colleges which have served us for the past twenty years. The buildings will be the same and most of the staff will be the same but as the...