• All Share : 49911.37
    DOWN -1.28%
    Top 40 : 3596.50
    DOWN -3.94%
    Financial 15 : 15630.81
    DOWN -0.27%
    Industrial 25 : 61705.86
    DOWN -0.46%

  • ZAR/USD : 11.0762
    UP 0.94%
    ZAR/GBP : 17.3240
    UP 0.54%
    ZAR/EUR : 13.7818
    UP 0.82%
    ZAR/JPY : 0.0933
    UP 0.25%
    ZAR/AUD : 9.4178
    UP 0.67%

  • Gold : 1167.1000
    DOWN -1.86%
    Platinum : 1202.0000
    DOWN -0.83%
    Silver : 15.4600
    DOWN -4.74%
    Palladium : 809.5000
    UP 1.06%
    Brent Crude Oil : 70.150
    UNCHANGED0.00%

  • All data is delayed by 15 min. Data supplied by I-Net Bridge
    Hover cursor over this ticker to pause.

Sat Nov 29 02:00:06 SAST 2014

'Space for BRICS bank'

Sapa-AFP | 05 March, 2013 16:56

Image by: Gallo Images/Thinkstock

The World Bank chief economist on Tuesday said there was scope for a new lending institution mooted by the BRICS nations but warned that setting it up would be a "humongous task".

"There is a need for such a bank but the process of starting it is a humongous task," said Kaushik Basu, the World Bank senior Vice President and Chief Economist.

Details about the formation of the development bank are expected to be thrashed out at the BRICS summit to held in South Africa from March 26-27.

Last month, a senior South African diplomat revealed that the top emerging nations Brazil, Russia, India, China and South Africa were close to reaching a deal to create a bank.

He signalled that a capital investment of $50 billion was an amount that all members may be comfortable with.

South Africa has expressed its desire to host the bank, but the location has not yet been decided upon.

Africa's biggest economy, which is the smallest member of the league in terms of population and GDP became a member in 2011.

Basu hailed South Africa's economy, saying it has risen above its mixed background, but warned that there was still a "difficult journey ahead."

"South Africa needs to focus on growth and investment," he said, adding that there was no end soon to the global economic slowdown affecting developing nations.

"The global crisis has abated but the economy is still in trouble," he said.

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.