Zuma optimistic about Brics summit
President Jacob Zuma says the Brics summit will focus on using resources for development.
PRETORIA - President Jacob Zuma said several agreements will be signed at the upcoming Brazil, Russia, India, China, South Africa (Brics) summit in Durban, KwaZulu-Natal.
He said the agreements will further strengthen ties between South Africa and the strategic group of developing countries.
More than 600 delegates from the group will meet on Tuesday for the two-day summit.
Zuma said the Brics business forum will kick off tomorrow to further expand economic relations.
The president said a major advancement for the grouping will be the establishment of the Brics development bank.
"It will assist in mobilising resources for infrastructure and sustainable development projects in Brics."
The bank is expected to start with US$50 billion, with each country contributing US$10 billion.