The Brics summit in Durban was deemed a success by the leaders of Brazil, Russia, India, China and South Africa.
South African Finance Minister Pravin Gordhan said “phenomenal progress” had been made in reaching an agreement to establish the New Development Bank. He could not say how long it would take to establish, but that it would be within 10 years.
Pacts signed on Wednesday included a “Multilateral agreement on Infrastructure Co-financing for Africa” and a “Multilateral Agreement on Green Economy Co-operation Co-Financing.”
A Brics Business Council was also formed and billionaire businessman Patrice Motsepe has been appointed to chair it.
China’s president Xi Jinping called on Brics countries to support Africa for stronger growth: “We should not only seek our own development, but seek the development of all countries”.
The Democratic Alliance welcomed the Brics Business Council, saying that the council could become a platform to trade and develop commerce worldwide, and an axis of influence which could alter the traditional distribution of economic power in the world.
Full article: http://www.fin24.com/Economy/Brics-sign-pact-as-summit-ends-20130327
Video: http://www.fin24.com/Multimedia/Brics-wrangle-over-new-development-bank-20130327-2
(See also post of 13 May on the subject)