Fin24

Brics to launch development bank in 2013

2012-04-25 17:48

Cape Town - A joint development bank planned by the Brics group of major emerging economies will be officially launched in South Africa early next year, Foreign Minister Maite Nkoana-Mashabane said on Wednesday.

Leaders from Brazil, Russia, India, China and South Africa met last month in New Delhi to discuss setting up the bank, which would fund infrastructure and act as an alternate lender to the World Bank and other finance bodies.

“We are looking forward to this historic moment where we will have an opportunity to launch the Brics development bank in the first quarter of the year,” Nkoana-Mashabane told journalists.

She offered no details on funding.

For years the Brics countries have demanded more influence on global financial institutions long controlled by the United States and Europe.

Comments
  • Fred - 2012-04-25 18:56

    It's an immature perspective unfortunately. The IMF and World Bank see this as a positive step, not a challenge.

  • tobydt - 2012-04-25 19:01

    "She offered no details on funding." Pension funds anyone?

  • George - 2012-04-25 19:02

    All right I see the plan. The E-Tolls are going to capitalize the new bank; wow, great plan Vusi

  • Hermann - 2012-04-25 19:15

    Makes me think of the David Niven movie "The Mouse that Roared".

      ortho.flex.7 - 2012-10-14 05:43

      so can you please stop roaring ???

  • Shaun - 2012-04-25 19:20

    Strange that SA is never referred to in economic news in the UK, it is still always BRIC. This was a sop to the ego of the ANC, who have bought China's propaganda hook, line and sinker. In no way does SA qualify as a BRIC nation. But, then again we do love acronyms don't we in SA?

      Graham - 2012-04-25 19:36

      I heard it mentioned as the BRICS and SA mentioned as where the bank will be launched on BBC news 10 minutes ago

      noma05 - 2012-04-26 14:45

      The inclusion of South Africa in the BRIC(S) is an entirely politically constructed idea. South Africa is no where near theses other countries in the block.The term was coined in the lead up to 2010, so as to drum up publicity of the country.

  • Egsaan - 2012-04-25 20:50

    AW come on people STOP thw whining. Are you not tired sucking up to the west.you are such babies

      sally.lewitt - 2012-11-12 05:05

      Brilliant, lol!!

  • Egsaan - 2012-04-25 20:54

    check it out ..the west wants to belittle RSA but frist Greece,now Spain and Holland ..next is Italy. they ahould all come and borrow form BRICS. Unfortunately they will get nothing BECAUSE they bamkcrupt!!

      David - 2012-04-26 12:12

      So true,except that if SA Government officials control any part of the bank,the funds will be wasted,lost or stolen.I am not referring to our relatively independent Reserve Bank.

  • phathuchicos - 2012-04-25 21:28

    And China will get all the rewards and power it needs to challenge washington while we benefit nothing...

      Wally - 2012-04-25 22:59

      My thoughts exactly. Why are these countries so damn stupid not to see the reality for what it is? Secondly, the Minister does not reveal any details because such an institution requires funding...hear that...funding!Where are the securities and the guarantees and the capital going to come from? Or are we as RSA going to borrow more and more from this institution while being more and more "enslaved"/"colonialised" by China and Co just to feed the hunger for money and power and self-enrichment? This is to fund infrastructure development and related issues. What about the e-toll saga then? So many questions...very few if any true answers. Difficult to see us grow as a country, but I believe that in time and at the right time God will answer our prayers for strong leadership with integrity, leaders who are honest and humble. That is where my strength, my real hope and my future reside. I pray for this country and its ppl. May God bless us.

  • Nande - 2012-04-26 05:44

    BRIC nation's was a bloc of emerging economies which consisted of Brazil, Russia, India, China then South Africa completed the bloc by invitation at a later stage. The Purpose of the group to advance cooperation amongst these developing countries in mobilizing economic development. The question we should be asking ourselves are such initiatives facades of the system which perpetually prolong the paradigm that exists? Because when one looks at the developmental indexes per individual within these countries such as economic equality, literacy, employment etc they are largely disparate. As Brazil has one of the most unequal societies in the world

  • Tafiska - 2012-04-26 07:17

    The move is very welcome !!!

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