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South Africa emphasises on the need to achieve African integration to create large trading blocks across the continent.
The theme of the Summit is 'BRICS and Africa – Partnership for Development, Integration and Industrialisation'.
The BRICS Development bank is a lending institution on the lines of the World Bank and regional development banks.
Brazilian President Dilma Rousseff is going to meet with her BRICS counterparts in Durban.
Bilateral agreements on trade, economic cooperation and education between the two nations will be inked following the meet.
The Indian prime minister was given a red carpet welcome at the King Shaka International Airport in Durban.
BRICS finance ministers will be meeting today to work out the modalities of setting up the ‘BRICS Bank’.
The Brics Bank should primarily be developmental in character, the Second Brics Trade Union Forum says.
President Zuma has repeatedly emphasised the growing ties between BRICS and the continent.
South Africa has expressed its desire to host the proposed bank thereby boosting its standing in the bloc.
