The Diplomatic Society

 
  • Increase font size
  • Default font size
  • Decrease font size

SA ready to host successful BRICS summit

 
Pretoria – Preparations ahead of the fifth BRICS summit to be held in Durban in March are in full swing.
The BRICS countries, which are made up of Brazil, Russia, India, China and South Africa, are likely to finalise the structure for its development bank that will fund infrastructure especially to developing countries.  
 
The bank is part of a strategy, agreed in New Delhi last year by the grouping to look at long term investment opportunities within the respective countries.
 
It is envisaged that the bank would provide pooled funds to various infrastructure projects and other sectors and support and drive commerce between the BRICS economies.
 
Although multilateral institutions such as the World Bank and International Monetary Fund (IMF) are doing the same job already, BRICS countries say the bank will not compete with these but rather supplement them, especially in developing countries.
 
The seed capital for the bank is projected to be $50billion or more, making it about $10billion per member country.
 
Director General in the Department of International Relations and Cooperation Jerry Matjila said there was political will among the group to have the bank.
 
Pretoria is lobbying to host the bank, if it does get off the ground.
 
South Africa has placed emphasis on the integrity of its banking system, which Matjila described as “modern and predictable”. South Africa co-chaired the preparatory work with India.
 
The theme for the summit, to be held from March 25 – 27, is “Partnership for Development, Integration and Industrialisation”.
 
Various activities have been planned such as an academic forum, business workshop for the Ministers of Finance and cultural events.    
 
The Deputy Director General of Asia and Middle East and BRICS, Anil Sooklal, said it was all systems go for the logistics of the summit. About 3000 delegates and officials including presidents and prime ministers of the five countries will attend.
 
In line with the promoting regional integration, for the first time, the summit has invited the African regional economies as well as the African Union.
 
As per tradition, the leaders will reflect on the international issues, such as security and economy to find consensus on the issues.
 
They will also reflect on the future and how they can participate on the global stage.
 
South Africa will the take over the chairmanship of the group for 12 months after Durban, and then hand over to Brazil.
 
Brics controls about 25 percent of the global gross domestic product, 30 percent of the world’s land and 43 percent of its population. - SAnews.gov.za

 


 
 
 
 
 
 
 
_________________________________________________

August 2017 Edition

 
 
_________________________________________________

Translater


 
 
 
 
 
 
 
 
 

Doing Business in Sri Lanka The High Commission of Sri Lanka in Pretoria in partnership with the Johannesburg Chamber of Commerce and Industry (JCCI) organized a trade and investment promotion... <|> Daesh defeated Daesh, the extremist group that occupied the city of Mosul in Iraq has been defeated, said Ambassador Dr Saad Jawad Kindeel of Iraq to South Africa at a press conference held at the... <|> 65th National Day of the Arab Republic of Egypt 4 August 2017 H.E. Ambassador Sherif Issa and Madame Dina Zeidan hosted a reception on the occasion of the 65th National Day of the Arab Republic of... <|> Vietnam Cuisine Week Ambassador Vu Van Dzung of Vietnam in South Africa hosted the opening of the Vietnam Cuisine Week at Saigon Restaurant in Rivonia, Johannesburg. The Embassy of Vietnam is... <|> Easing travel regulations between South Africa and Kenya 3 May 2016 South Africa and Kenya have announced measures that will make travelling between the two countries easier. South African Home... <|> The story of Diamond Lakes and the legendary Pienaar’s Pothole The story of Diamond Lakes and the legendary Pienaar’s Pothole is what intrigued Dr Navin Naidoo to go into the world of Diamonds... <|> The United Nations stands with South Africa’s women 9 August 2017 Pretoria, South Africa: The United Nations in South Africa extends its warm wishes to the women of South Africa on the... <|> UAE Embassy Women's Day initiative The staff at the Embassy of the United Arab Emirates in South Africa visited the Youth for Survival shelter on Women's Day and donated goods. The donation included... <|> H.E. Ambassador-Designate Lin Songtian arrives in SA Speaking to the press upon his arrival at O.R Tambo International Airport, Johannesburg, Ambassador–Designate Lin Songtian said he is back in... <|> Independence Day of Bolivia 6 August 2017 Bolivia signed its declaration of independence on August 6, 1825 and marked the first Independence Day for Bolivia. On Sunday, the Bolivian community... <|>
© copyright 2011-2017| The Diplomatic Society| All Rights Reserved.