BRICS think tanks are planning the proceedings of the 2013 BRICS summit in Durban, South Africa. The proceedings will decide the course of BRICS’s support and capitalization on exploring African economies.

BRICS (an association of the emerging economies of Brazil, Russia, India, China and South Africa) will be discussing the establishment of the BRICS Development Bank which was proposed at last years’ BRICS conference in New Delhi.

Although it would be an internationally supported bank, the BRICS Development Bank would not be competing with larger banks such as the World Bank or International Monetary Fund (IMF). Instead, the BRICS Development Bank will be concerned with financing and supporting intra-BRICS programs and emerging African economies.

Among the finance projects of the BRICS Development Bank will be creating job prospects, urbanization and infrastructure development of African communities and economies. While the goals of larger organizations such as the World Bank are in line with these same pursuits, many representatives affiliated with the BRICS association feel that reform is necessary and that a more focused bank could better meet the needs of developing African economies.

If the BRICS Development Bank is established, South African officials believe that it should be based in their country.

-Pete Grapentien

Source Business Day