Johannesburg, June 11 (Xinhua-ANI): The South African government is pushing for the establishment of the BRICS bank amid the increased concern over the European debt crisis, the newspaper New Age reported on Monday.
As South Africa hosts the BRICS member states meeting next year, the South African government would like to see the BRICS-led banking institution created, the New Age quoted Trade and Industry Minister Rob Davies as saying.
The BRICS consists of Brazil, Russia, India, China and South Africa, which are members among the world's emerging economic entities.
Wrapping up the BRICS summit on March 29, the five-nation bloc proposed the formation of a shared development bank, funding development projects and infrastructure in developing countries.
The minister Davies said such a bank is crucial for the financing of infrastructure construction and facilitation of the trade within the BRICS bloc.
If this bank could be established here in South Africa, it will also unlock many opportunities, including promoting the development of our infrastructure, said the minister.
The official stressed South Africa needs a lot of support from the banking industry.
On May 29, Statistics South Africa announced the South Africa's GDP increased by 2.7 percent in the first quarter of 2012, compared to the growth of 3.2 percent for the fourth quarter in 2011.
I is believed that the creation of the BRICS bank could also be used in the longer term by the memberships as a platform of resources for lending in coping with global financial crises such as the one in Europe.
BRICS nations have nearly half the world's population and account for more than a quarter of world trade.
South Africa is the only African membership in the BRICS, belonging to the largest economic entity on the African continent. (Xinhua-ANI)