http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.81Change: 0.07
R/$ = 12.50Change: 0.06
Au 1094.52 $/ozChange: -0.83
Pt 985.00 $/ozChange: 2.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Aug 06, 2012

Experts to meet on Brics development bank

Back
Rio De Janiero|Africa|India|Africa|Brazil|China|Mexico|Russia|South Africa|University Of Pretoria|Bank|Development Bank|Finance Bodies|Anil Sooklal|Infrastructure|Jacob Zuma|Mathews Phosa|Mzukisi Qobo
|Africa||Africa||||Infrastructure|
rio-de-janiero|africa-company|india|africa|brazil|china|mexico|russia|south-africa|university-of-pretoria-facility|bank|development-bank-industry-term|finance-bodies|anil-sooklal|infrastructure|jacob-zuma|mathews-phosa|mzukisi-qobo
© Reuse this



More clarity on the establishment of a joint Brazil, Russia, India, China and South Africa- (Brics-) led development bank is expected after next week’s meeting of a panel of experts on the issue, South African ambassador to Brics Dr Anil Sooklal said on Monday.

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
Creamer Media Senior Researcher and Deputy Editor Online
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Trade News
Rob Davies
Updated 7 hours ago Following what the Department of Trade and Industry (DTI) describes as “an extensive public consultation process”, the draft Promotion and Protection of Investment Bill – which government says will seek to promote inward investment, clarify the level of protection...
Article contains comments
Western Cape Economic Opportunities Minister Alan Winde
The Western Cape provincial government is seeking to increase the value of Halal exports by $31-billion by 2020, through a proposed Halal agroprocessing food park that will allow the province to double its share of the “fast-growing” market. The R1-billion park, if...
The World Trade Organisation (WTO) this week reiterated its call for vigilance as the increasing stockpile of trade-restrictive measures introduced by its members remained a cause for concern, with the slow removal rate resulting in trade-restrictive measures being...
Article contains comments
More
 
 
Latest News
Updated 2 hours 45 minutes ago Not only were new oil and gas (O&G) discoveries in East Africa a catalyst for investment into road, rail and pipeline infrastructure, but they also contributed to the region’s economic growth, with growth of 5.5% projected for this year and an estimated 6% to 7% for...
Updated 3 hours ago Transnet has won the 2014 Nkonki State-Owned Company (SOC) Integrated Reporting Award for the best performer. Assurance and advisory firm Nkonki on Wednesday released the findings of its 2015 review of integrated reporting by South African SOCs. The report, titled...
Updated 3 hours ago Leading water scientists say it is no longer debatable that South Africa is experiencing a water crisis given that there are already serious problems in supplying enough water of sufficient quality to meet the country’s social and economic needs. CSIR researchers...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
Meyerton-based steel tank manufacturer Structa Technology is currently rolling out a water infrastructure build programme that supports local municipalities, water utilities, schools, hospitals and clinics.
Alternative funding models could be expected to begin coming to the fore in South Africa’s renewable-energy sector as the market becomes more competitive and domestic development finance institutions (DFIs) begin scaling back their direct involvement in projects....
DIMITRI MARKOULIDES An innovation champion must involve employees in innovation projects and keep them updated to enable them to support and drive innovation and create the future of the business
An innovation champion course that trains executives to manage innovation in their organisations aims to help companies grow revenue streams and tap new markets, says business change management consultancy BMGI South Africa innovation practice lead Dimitri...
Future digital workplaces will require employees to continuously learn new “literacies”, including new media, information and technical skills, to help their company thrive and spur personal growth. Information technology (IT) research firm Gartner, thus, suggests...
Only 25% of large construction projects surveyed in KPMG’s Global Construction Project Owner’s Survey, released in June, were concluded on time and within budget over the last three years. “Every project owner wants predictability when it comes to large projects, and...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96