Durban summit to consider formation of BRICS bank: China

Durban summit to consider formation of BRICS bank: China Beijing: China on Wednesday said it expects progress in the formation of the BRICS Development Bank as leaders of member countries will consider establishing the bank and a foreign exchange reserve pool at the grouping's fifth summit in Durban next week.

The summit of BRICS nations, namely Brazil, Russia, India, China and South Africa, is scheduled from March 26-27 in the South African city.

BRICS deliberated the possibility of establishing a development bank last year.
Details including the scale, functions, structure, and location will be discussed at the summit, said Ma Zhaoxu, Chinese assistant foreign minister.

Progress regarding this area is expected at the summit, Ma said.

"As an important part for financial cooperation, the bank will help BRICS sustain financial risks and provide support for the development of African countries," he said.

It is also expected that the bloc will make progress in establishing a foreign exchange reserve pool aimed at forming a capital security network among BRICS nations.

The scale and respective shares of each country are being deliberated and will be discussed at the summit, Ma said.

It is the first time that a BRICS summit is being held on the African continent, with the cooperation between BRICS countries and Africa high on the agenda.

The theme of the summit is "BRICS and Africa -- Partnerships for Integration and Industrialisation".
Bilateral talks between BRICS and African countries, a joint press conference and a breakfast meeting with representatives from business circles have been arranged for the two-day summit.

Following the summit, the leaders will jointly release a Durban Declaration, according to Ma.

The Chinese government expects cooperation in fields of international politics, economics, finance, trade and development in order to help maintain worldwide peaceful development and contribute to global economic growth, Ma said.

"It is hoped that through talks among leaders of BRICS and African countries we can strengthen dialogues and cooperations among these nations so that emerging markets and developing countries can have a greater representation and voice in international affairs," state-run Xinhua news agency quoted Ma as saying.

China's newly-elected president Xi Jinping will also attend the summit.