The domicile of the soon-to-launched Brazil, Russia, India, China and South Africa (Brics) development bank would be decided at the sixth Brics Summit to be held in Brazil from July 15 to 16.

South Africa, which would hand over the chairmanship of the economic bloc to Brazil at the summit, had lobbied to host the bank in Johannesburg, punting the city’s “advantageous” geographical position, which provided leverage for the bank to play a role in developing Africa’s urgently needed infrastructure.

Speaking to the media on Friday ahead of the summit, Trade and Industry Minister Dr Rob Davies said that, while the Brics development bank would provide support for various emerging economies to meet their development needs, the bank would also aim to engage in Africa’s financially constrained infrastructure ambitions.

African countries, which were in support of South Africa’s bid to house the bank, required extensive infrastructure development, but lacked sufficient funds to gain momentum in executing infrastructure projects.

Davies noted that South Africa had a robust and significant financial sector, was involved in Africa’s development, and had the ability and capacity to run the proposed bank.

“We believe we have put forward a very compelling [argument to base the bank in South Africa],” he added.

Davies, who would not be drawn into revealing further information, said a lot of work had been done to get the bank established, with the shareholding and operational structure, besides others, having been considered.

A report would be presented to the five Heads of State, who would make the final decision at the summit.

The Brics nations would equally fund the financial institution with previous reports suggesting that this would cost $10-billion each.

The five countries would also discuss global governance, global peace and security and the Brics Contingent Reserve Arrangement, in addition to trade deals and inter-Brics cooperation agreements.