South Africa in BRICS
The new Brics development bank, through its Africa branch in South Africa, will mobilise resources for "transformational" infrastructure development projects that will boost the continent's integration, says Finance Minister Nhlanhla Nene.
South African President Jacob Zuma has hailed the establishment of a Brics development bank as "an everlasting legacy that will change the face of global economics and the face of all the developing world for the better".
The leaders of Brazil, Russia, India, China and South Africa, meeting at the sixth Brics summit in Fortaleza on Tuesday, agreed to advance discussions on a roadmap for closer economic cooperation within the emerging market grouping.
The leaders of the Brics emerging market bloc have signed an agreement paving the way for the establishment of a New Development Bank, to be headquartered in Shanghai, China, as well as an African regional centre of the bank, to be located in South Africa.
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