Brics New Development Bank a reality

In his recent, end-of-year statement, President Jacob Zuma confirmed that the Brics New Development Bank is indeed happening. "The New Development Bank, whose establishment was announced at the fifth Brics Summit in eThekwini, is now a concrete reality," President Zuma said.

The Brics New Development Bank will finance infrastructure and sustainable development projects in the Brics region, comprising Brazil, Russia, India, China and South Africa, as well as other emerging economies. The bank's headquarters will be in Shanghai, China, while Johannesburg will be home to its Africa regional centre.

On 11 December, President Zuma announced that South African finance minister Nhlanhla Nene had been nominated to head the regional centre, and that this was the reason why Nene had been removed from his post as minister. The change in National Treasury leadership was, according to President Zuma, "occasioned by the need to send nominations to Shanghai [for] the head of the African regional centre". According to President Zuma, Nene was earmarked as a candidate for the position.

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