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SA wants Brics bank in Joburg

Minister Rob Davies says the country will put forward a strong case at the upcoming summit.

Trade and Industry Minister Rob Davies. Picture: Giovanna Gerbi/EWN.

CAPE TOWN - South Africa will push for the Brics group development bank to be located in Johannesburg, Trade and Industry Minister Rob Davies said on Friday.

He was briefing media in Cape Town on the upcoming summit in Brazil next week.

President Jacob Zuma is expected to meet with his Brazil, Russia, India and China counterparts at the gathering.

Davies says public statements the new development bank will be based either in Shanghai or New Delhi are mere speculation.

He says no decision has been taken as to where the bank will be based.

The minister says South Africa will put forward a strong case for the bank to be located in Johannesburg.

The bank's objective will be to finance infrastructure projects.

The five Brics member nations will contribute equally to capitalising the institution.

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