Business
Launch of BRICS development bank still on track
Business leaders from the BRICS (Brazil, Russia, India, China and South Africa) group of emerging economies met Tuesday in Johannesburg, South Africa, to discuss trade with Africa, insisting that the bloc’s planned development bank has not been abandoned.
“Our governments are still committed to the idea of the bank, we believe that it will happen,” said Ma Zehua, the leader of the China business delegation.
He said the bank would play an important role in “supporting trade and investment between member states.”
After their March summit in South Africa, leaders of the BRICS nations – failed to launch the much-anticipated bank.
The proposed bank is meant to rival Western-dominated institutions like the World Bank and the International Monetary Fund (IMF).
South Africa’s President Jacob Zuma urged business leaders to investment in infrastructure development on the continent, calling it a “critical aspect of economic growth.”
“Africa has some of the fastest growing economies in the world, and infrastructure plays an integral role in supporting growth,” said Zuma.
