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![(L to R) Russian Foreign Minister Sergei Lavrov, Indian External Affairs Minister Shri Salman Khurshid, Chinese Foreign Minister Wang Yi, South African Minister of International Relations and Cooperation Maite Nkoana-Mashabane and Undersecretary-General for Political Affairs, Ambassador Carlos Antonio Paranhos of Brazil, at a BRICS meeting of foreign ministers during the 2014 Nuclear Security Summit in The Hague, the Netherlands, March 24, 2014 [Xinhua]](http://thebricspost.com/wp-content/uploads/2014/03/brics-hague.jpg)
(L to R) Russian Foreign Minister Sergei Lavrov, Indian External Affairs Minister Shri Salman Khurshid, Chinese Foreign Minister Wang Yi, South African Minister of International Relations and Cooperation Maite Nkoana-Mashabane and Undersecretary-General for Political Affairs, Ambassador Carlos Antonio Paranhos of Brazil, at a BRICS meeting of foreign ministers during the 2014 Nuclear Security Summit in The Hague, the Netherlands, March 24, 2014 [Xinhua]
“What determines who becomes the domicile or the CEO does not go with how much you put in as we finally launch this bank. Finance ministers were mandated at the previous summit to establish a development bank,” she said in Pretoria on Tuesday.
All the BRICS countries, apart from Brazil, have bid to host the Bank.
The five BRICS nations have reached a broad consensus on a $100 billion development bank. BRICS together present a formidable potential economic and political counterweight to the developed West.
“This division of the developing and the developed, where we talk of competition of the mightiest, has really gone to history. What we want in Brics is co-operation,” she added.
South American leaders have been invited to the BRICS Summit this year. In the Durban Summit last year, BRICS leaders held a closed-door dialogue with a score of African presidents vowing to “unlock Africa’s potential”.
“It is in deriving in each others’ strength that we can thrive. It was proven that African leaders and countries see a new dimension of relation between developing countries and the Brics countries,” the South African Foreign Minister said on Tuesday.
The BRICS are now Africa’s largest trading partners.
BRICS Finance Ministers will meet on 14th July in Fortaleza to finalise recommendations for the Bank.
“The development bank will prioritise financing infrastructure and sustainable development projects, among others,” said Mashabane.
The BRICS have held annual summits since 2009. The group added South Africa, the largest economy on its continent, in 2010.
TBP
