While the idea for a Brics development bank could hold great benefits for Africa, it must be driven by more than just political will, said expert panellists at a debate hosted by research and strategy consultants Frontier Advisory.
• Brics a boost to Brand South Africa
Roundtable discussion held at the Johannesburg Stock Exchange, Sandton, on Tuesday, 25th September 2012.
Taking into account the rather unsatisfying track record of the Bretton Woods Institutions to address the needs of developing countries, and the institutions’ inability to find appropriate and effective solutions to the global financial crisis, the concept of a BRICS Development Bank – the proposal which was made at the 4th BRICS Leaders Summit in New Delhi in March 2012 – presents the opportunity for emerging economies to reshape the global financial architecture and to contribute to the reform of these institutions.
Although the concept of a BRICS Development Bank is still being studied by a working group of the BRICS Finance Ministers, there are expectations, that the formation of such a bank could assist the African continent to realise much needed infrastructure projects and unlock the continent’s economic potential.
Discussion document [PDF 200Kb]