This week the BRICS summit in Durban is in the news and we thought that we would also throw out a few views. The theme of the summit is Partnership for Development, Integration and Industrialisation. Ellis Mnyandu puts together some of the highlights for the IOL Business Report:
- Transnet and China Development Bank agreed to co-operate, explore and identify opportunities for the Chinese bank for future collaboration in Transnet’s infrastructure upgrade programmes.
- Sinopec and PetroSA signed an agreement yesterday that boosted the possibility of building a crude oil refinery at Coega in the Eastern Cape.
- Representatives from the two nations’ central banks signed an agreement yesterday enabling the SA Reserve Bank to invest about 3 percent of its reserves of $50.4bn in Chinese assets.
- In addition, China and Brazil agreed to create a swop line allowing them to trade the equivalent of up to $30bn a year in their own currencies.
There should be more news about much-reported on development bank today. Yesterday the TV news made some vague statements about the bank allowing members to implement policies more effectively, but that does not make much sense. The Mail & Guardian explains that the role of the bank is still up for debate. Developing countries hope that it might be a way to access Chinese savings, specifically for infrastructure projects. China would like for the bank to invest in trade multiplying projects. More…