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South Africa and Nigeria are two of the most powerful economies in the continent.
Britain announced the termination of a similar aid programme to India last year.
Bilateral trade between the two countries was R36.6 billion last year.
South Africa contributed close to 55 per cent of the FDI approvals by December 2012 in Zimbabwe.
South Africa has hailed the BRICS Bank announcement in Durban as an innovative proposal.
South Africa emphasises on the need to achieve African integration to create large trading blocks across the continent.
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.
