'Development bank to be finalised during BRICS summit'

Brazil, Russia, India, China and South Africa aim to conclude the setting up of a BRICS development bank at the next summit of the grouping, which will take place in Durban from 25 to 27 March next year.

South Africa's Deputy International Relations and Cooperation Minister Marius Fransman said this would give a major boost to some of the development needs of these countries.

Fransman said South Africa's overall trade with BRICS countries has more than doubled from $9.2 billion in 2005 to $20.4 billion in 2010, while Africa's trade with BRICS countries is expected to reach one-third of total trade on the continent in 2015, up from one-fifth of total trade in 2010.

"At the last BRICS summit in New Delhi in March, leaders of the five countries considered a proposal to set up a BRICS-led South-South

development bank, funded and managed by BRICS and other developing countries.

"The International Relations and Cooperation Department, under an initiative led by Director-General Ambassador Jerry Matjila, is also considering setting up a think-tank to look at diplomatic and economic opportunities between South Africa and its BRICS partners," Fransman said in a statement released in Dubai.