BRICS to mull development bank, forex reserve

BEIJING - Leaders of BRICS countries will consider establishing a development bank and foreign exchange reserve pool at its fifth summit, a Chinese Foreign Ministry official said Wednesday.

The fifth leaders' summit of BRICS countries, namely Brazil, Russia, India, China and South Africa, is scheduled on March 26-27 in Durban, South Africa.

BRICS deliberated the possibility of establishing a development bank last year. Details including the scale, functions, structure, and location will be discussed at the summit, said Ma Zhaoxu, assistant foreign minister.

Progress regarding this area is expected at the summit, Ma said.

"As an important part for financial cooperation, the bank will help BRICS sustain financial risks and provide support for the development of African countries," he said.

It is also expected that the bloc will make progress in establishing a foreign exchange reserve pool aimed at forming a capital security network among BRICS.

The scale and respective shares of each country are being deliberated and will be discussed at the summit, Ma said.

It is the first time that a BRICS summit is being held on the African continent, with the cooperation between BRICS countries and Africa high on the agenda. The theme of the summit is "BRICS and Africa -- partnerships for integration and industrialization."

Bilateral talks between BRICS and African countries, a joint press conference and a breakfast meeting with representatives from business circles are arranged for the two-day summit. Following the summit, the leaders will jointly release a Durban Declaration, according to Ma.

The Chinese government expects cooperation in fields of international politics, economics, finance, trade and development in order to help maintain worldwide peaceful development and contribute to global economic growth, Ma said.

"It is hoped that through talks among leaders of BRICS and African countries we can strengthen dialogues and cooperations among these nations so that emerging markets and developing countries can have a greater representation and voice in international affairs," he said.

China's newly-elected president Xi Jinping will attend the summit.