Business
South Africa prepared to host BRICS development bank
Monday, October 29, 2012
South Africa today indicted that it was ready to host a planned development bank for the Brazil, Russia, India, China and South Africa (BRICS) grouping of five emerging economies.
Officials from Brazil, Russia, India, China and South Africa are working on feasibility studies for the creation of a BRICS bank expected to mobilize resources for infrastructural development projects in developing nations.
The launch of the BRICS development bank in South Africa would provide Africa, the Caribbean and other emerging countries an alternative to the Western dominated Bretton Woods institutions notably – the International Monetary Fund (IMF) and the World Bank.
Preparations were well under way to host the 5th BRICS Summit in March next year.