Business leaders from Brazil, Russia, India, China and South Africa (Brics) who participated in the inaugural meeting of the Brics Business Council in Johannesburg this week, have appealed to their respective governments to accelerate the formation of the Brics-led development bank.

A communiqué released following five-a-side deliberations indicated that the council would signal its interest in the bank and “appeal to governments to accelerate the formation of the bank”.

Proponents argue that the new institution, which was agreed to at the fifth Brics Summit in Durban in March, could assist in helping to close the funding gaps constraining investment in infrastructure projects across participating countries and Africa.

The World Bank estimates Africa’s yearly infrastructure requirement to be $94-billion, with only about half of that being invested yearly. However, there are also major infrastructure backlogs in other Brics countries, or in territories surrounding those countries.

In his address to the gathering, President Jacob Zuma reiterated South Africa’s support for the bank.

He also confirmed that the Brics Heads of States would consider a progress report on the bank concept, which was being prepared by their Finance Ministers. The meeting would be held in September on the margins of the Saint Petersburg G20 Summit, in Russia, and well ahead of the 2014 Brics Summit, which will convene in Brazil early next year.

“I trust that this meeting will provide further impetus to the Brics-led new development bank,” Zuma said.

The chairperson of the South African component of the Brics Business Council, Patrice Motsepe, who also chaired the inaugural meeting of the council, stressed the potential importance of the bank to Africa. He said this source of funding could prove critical in ensuring that key infrastructure projects were finally implemented, including those falling under the African Union’s ‘North-South Corridor’ scheme, which seeks to improve the transport and energy infrastructure required to bolster intraregional trade and investment.

The chairpersons from the various country councils also endorsed the bank concept, but stressed that any decision on it formation, its mandate, where it should be located and how it should be capitalised rested with the governments. The respective chairs from the other councils comprised MA Zehua, of China, Onkar Kanwar, of India, Sergey Katyrin, of Russia, and José Rubens de la Rosa, of Brazil.

The communiqué also urged governments to improve the handling of multiple-entry business visas to facilitate business travel, as well as to increase cooperation and harmonisation on technical standards.

It also recommended improved virtual and physical connectivity between Brics countries, the creation of a Web-based information exchange and an increase in value-added trade within the Brics.

Zuma said that, in 2012, total trade within the Brics grouping amounted to $6.1-billion, which represented 16.8% of global trade.

“There is clearly a lot of potential within Brics and as business you should take advantage of the opportunities,” he urged attendees.