BRICS leaders agree to establish a development bank

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.

The first summit held in Africa focused on partnership for development, integration and industrialization and completed the first cycle of five host countries.

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

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.

The BRICS–Africa Dialogue Forum discussed infrastructure and regional integration, widening engagement beyond the group’s five members.

Representatives of the five countries met near Stellenbosch to develop cooperation following the council’s establishment in Durban.