"Politically it’s very attractive to have a B rics development bank. But, I haven’t yet found a good economic reason why we need such a bank," Lumkile Mondi, chief economist at South Africa’s Industrial Development Corporation, told the audience at the Johannesburg Stock Exchange. "On this debate, I’m a dissenter," he said.
SA joined a loose existing group made up of Brazil, China, India and Russia to create Brics early last year. Jointly the countries have a population of 3-billion and account for about one quarter of the world’s gross domestic product. SA is dwarfed by the other members, but it wants to host a mooted Brics Development Bank, which its backers believe could eventually rival the World Bank.
[Excerpt from article by Nick Kotch, 26 September 2012]