What are South Africa’s expectations for the BRICS summit?

BRICS

South Africa wants to be the base of BRICS Development Bank. Earlier, we spoke to our correspondent Guy Henderson from Johannesburg. He told us more about South Africa’s expectations for the upcoming Summit and the establishment of a BRICS Development Bank. CCTV’s Guy Henderson reports from Johannesburg.

South Africa has expectations for upcoming BRICS summit

South Africa wants to be the base of BRICS Development Bank. Earlier, we spoke to our correspondent Guy Henderson from Johannesburg. He told us more about South Africa's expectations for the upcoming Summit and the establishment of a BRICS Development Bank. CCTV’s Guy Henderson reports from Johannesburg.

The last BRICS summit took place in the South African city of Durban. And the big news that time was that the bloc planned to launch a new development bank specifically for its own members and possibly other developing economies as well. This time around, expectations are it’ll actually launch. Now, South Africa’s economy is by far the smallest in the BRICS. But it could be one of the major benefactors because it’s seen as the springboard into the fast-growing African market. For that reason, the South Africans want this bank to be based here in Johannesburg. Its foreign minister said on Sunday it wanted to leverage up to $68bn to help it drive various infrastructure projects over the next couple of decades. That could be a cause for serious discussion, because China’s also reportedly keen on hosting this new institution. And of course it’s putting up most of the cash for it.