The Brazil, Russia, India, China and South Africa (Brics) New Development Bank – which formally entered into force during the V11 Brics Summit in Ufa, Russia last week – is expected to start making project loans by April 2016. Wrapping up the Brics Summit last Friday, President of the Russian Federation, Vladimir Putin, said: “We have opened the door to the practical operation of Brics financial institutions with a total capacity of $200 billion. We have agreed with our Brics partners that, before the year’s end, a special roadmap will be developed for major collaborative projects in infrastructure, industry and agriculture.” President Jacob Zuma said South Africa’s trade with its Brics partners was projected to reach US$500 billion by the end of this year. It reached US$382bn in 2014. CAPTION Seen at the summit (from left), president of Brazil, Dilma Rousseff; Russian President Vladimir Putin; prime minister of India, Narendra Modi; president of China, Xi Jinping, and SA president Jacob Zuma. Photo: GCIS
