Brics development bank
Role of BRICS bank questioned as SA hosts annual meeting in CT
The meeting is expected to bring together role-players from around the globe.
The bank offered the loan to the power utility to fund transmission lines to connect 500 megawatts of renewable energy from independent power producers to the national grid.
The founding members of the bank - Brazil, Russia, India, China and South Africa - have brought in a total of $1 billion of initial contributions.
Zuma presided over the official launch of the bank’s Sandton branch.
President Jacob Zuma said Nhlanhla Nene had been earmarked for a Brics Bank job when he fired him.
Economist Mike Schussler says it’s unclear to what extent South Africa will benefit.
Brics leaders are in the Russian city of Ufa for a special summit.
The comment was made by Russian president Vladimir Putin
Jacob Zuma will be updated on the establishment of a new BRICS developmental bank.
The IMF says the global economy should expand 3.4 percent this year.
The president says SA’s initial contribution to capitalising the Brics bank would be $150 million.
The BRICS Development Bank will be based in Shanghai and not Johannesburg.
It will be some time before an announcement is made on the headquarters of the Brics development bank.
Brazil will host Russia, India, China and South Africa on the back of the Fifa World Cup.
The sixth summit will focus on the much anticipated BRICS development bank.
Minister Rob Davies says the country will put forward a strong case at the upcoming summit.
The bank will have to be ratified by the countries’ legislatures and could begin lending in two years.
The group is hoping their leaders will officially launch the bank at their July meeting in Brazil.
The president spoke at Brics Business Council meeting, urging members to take advantage of opportunities.