By John Thornhill
Much attention at the forthcoming Brics summit in Durban on March 26 will focus on the progress the five countries have made over the past year to set up a joint development bank.
But, according to Gill Marcus, governor of the South African Reserve Bank, there is still a long way to go to turn their ambition into reality. “This is a very high-level concept and it is still very early stages. What we are looking to do is to provide more resources for infrastructure development,” she told the FT on the margins of the Ambrosetti finance forum held over the weekend in Italy. Continue reading »
Brics summit: so last year
The plans of the Brics countries to establish a Brics bank are gathering pace in the advance of the fifth summit next month of the five countries – Brazil, Russia, India, China, and their poor cousin South Africa.
Even though key decisions have yet to be made – such as where it would be based and what exactly it would do – some elements are emerging from the discussions, notably the bank’s possible capital – $50bn. Continue reading »
Brics summit, 2011 edition
The debate will range from food and energy security to Iran, Syria and nuclear weapons.
But the main issue for many participants in the fourth annual Brics summit, to be hosted in New Delhi on Thursday, will be the potential establishment of a common development bank between the five countries. Continue reading »