The New Development Bank which aims to bring innovations to the finance sector has spent at least $5 billion to assist emerging economies.
The 10th BRICS summit is expected to get underway on Wednesday with discussion on its clear medium vision since its establishment.
BRICS was established 12 years ago with South Africa joining in 2010.
Regarded as the Voice of the emerging markets, the five states are meeting once again, this time in South Africa.
The three day summit aims to chart a way forward. High up on the agenda is how to expand and lend money to other non-members.
Since its inception one of its achievements is the establishment of the BRICS bank by its member states.
The BRICS bank has a capital base of at least $50 billion to reach its mandate.
The bank’s headquarters is currently situated in Shanghai, China, with its first regional office in South Africa.
Leaders of various African countries are expected to be part of this year’s summit.
More than 1000 delegate are expected to attend the summit which will look at strengthening the trade partnerships between the BRICS companies.
Click video below:
