Fifth BRICS summit meets in Durban

The Delhi Declaration directed finance ministers to study the feasibility of a new development bank for infrastructure and sustainable development in BRICS and other developing countries.

The banks agreed on credit facilities in local currencies to facilitate transactions and reduce dependence on fully convertible currencies in intra-BRICS trade.

A second agreement between development and export banks aimed to support trade finance among member countries.

At the end of the Durban forum, researchers advanced a declaration to establish continuing coordination among think tanks in the five countries.

Business participants supported a permanent council to deepen investment, trade and economic contact among the five countries.

Leaders pledged support for African infrastructure and integration alongside international institutional reform.

The Durban statement moved from a feasibility study to an agreed plan for a bank supporting infrastructure and sustainable development; the founding agreement followed in 2014.

The five governments advanced work on a mutual financial safety net for short-term liquidity pressures; a treaty was signed the following year.

The new council linked business communities across the five countries and aimed to encourage trade, investment and job creation.

Leaders endorsed a continuing network of research institutions to inform cooperation and exchange knowledge.