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BRICS Agree To Set Up Joint Bank At Its Fifth Summit

posted 28 Mar 2013, 08:31 by Mpelembe   [ updated 28 Mar 2013, 08:32 ]

S Africa-BRICS/Development Bank -- BRICS agree to set up joint bank at its fifth summit

 China Central Television (CCTV) - BRICS has been expanding at a rapid and consistent rate, according to Caroline Bracht, a senior researcher from the Global Governance Program.

Bracht made the remark as the five BRICS countries agreed to set up a joint development bank on Wednesday in DurbanSouth Africa, during the group's fifth summit.

The new bank, which will fund infrastructure and development projects throughout the developing nations, will mark the first formal institution set up by the BRICS group, which includes BrazilRussia,IndiaChina and South Africa.

"I actually think that what they ended up delivering was quite promising. You don't necessarily want an institution set up without the proper background information, because once institutions are set up, they're not dismantled very easily," said Bracht.

"The global economic growth rate is slow, and BRICS economic growth is slowing. But, that does not mean that BRICS countries' economies are slipping down the slope," said Chinese President Xi Jinping. "On the contrary, the potential of BRICS development is infinite. Industrialization, urbanization and the spread of IT applications, and more agricultural modernization will generate huge energy and will create big market opportunities."

In addition to the bank, another permanent institution called the BRICS Business Council was also launched. The council will endeavor to lend additional momentum to trade and investment.

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