The new Brics development bank, through its Africa branch in South Africa, will mobilise resources for "transformational" infrastructure development projects that will boost the continent's integration, says Finance Minister Nhlanhla Nene.
South African President Jacob Zuma has hailed the establishment of a Brics development bank as "an everlasting legacy that will change the face of global economics and the face of all the developing world for the better".
The leaders of Brazil, Russia, India, China and South Africa, meeting at the sixth Brics summit in Fortaleza on Tuesday, agreed to advance discussions on a roadmap for closer economic cooperation within the emerging market grouping.
The leaders of the Brics emerging market bloc have signed an agreement paving the way for the establishment of a New Development Bank, to be headquartered in Shanghai, China, as well as an African regional centre of the bank, to be located in South Africa.
South Africa was set to hand over the chair of the Brics grouping at the start of the sixth Brics summit in Fortaleza on Tuesday. President Jacob Zuma is leading a high-level South African government and business delegation to the two-day summit.
South Africa will put forward a strong case at this week's Brics summit in Brazil for the proposed Brics development bank to be located in Johannesburg, Trade and Industry Minister Rob Davies said on Friday.
South African petrochemicals giant Sasol has teamed up with Mozambican state oil company ENH and Italian multinational Eni to conduct a pre-feasibility study for a gas-to-liquids plant in Mozambique, based on future production from one of the world's largest gas finds of the last decade.
President Jacob Zuma will lead a high-level South African delegation to Brazil next week for the sixth Brics summit. Progress towards the establishment of a Brics-led Development Bank is set to be high on the summit's agenda.
South African retailer Woolworths is set to buy Australian department store chain David Jones for R21.4-billion (A$2.1-billion), in a deal that will create a leading southern hemisphere retailer with 1 151 stores across 16 countries.
Biotechnology, space science and renewable energy offer "real opportunities for extensive cooperation" between the BRICS countries, Science and Technology Minister Derek Hanekom said at the first BRICS Science, Technology and Innovation Ministerial Meeting outside Cape Town on Monday.