BANKS from the Brics bloc of emerging countries will discuss collaboration on "green" economic issues and infrastructure delivery on the sidelines of a Brics summit in Durban in two months’ time, a member of the Development Bank of Southern Africa said on Thursday.
The bank is a "reference bank" in the Brics, which groups Brazil, Russia, India, China and South Africa. The five countries intend to set up a joint development bank.
The Development Bank of Southern Africa’s regional project manager for development planning Michele Ruiters told an Africa frontiers forum on Thursday the Brics bank would pool resources from partners to "unlock" infrastructure delivery in Africa. It would have a starting capital of $50bn.
"We hope from the summit to solidify and formulate our collaboration ," Ms Ruiters said.
There was debate over using local currencies to finance trade deals to simplify commerce among the Brics, she said at a panel discussion.
Russian ambassador Mikhail Ivanovich said he hoped the summit would lead to deeper co-ordination on "strategic political issues".
"Brics is one of our key policy and economic priorities," he said.
State Bank of India in Africa CEO Gevarghese Vaidyan told the panel Africa and South Africa in particular in the same position India was 10-15 years ago. "Indian business has understood the importance of the African continent," he said.
South Africa will chair the Brics group for 12 months after Durban .
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