BRICS Urbanisation Forum adopts Durban declaration

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.

At Kleinmond, ministers discussed a cooperation framework in fields such as food security, energy, health and technology transfer.

The leaders emphasized inclusive growth, multilateralism and outreach to other developing countries while approving new financial institutions.

The founding agreement established a bank to mobilize finance for infrastructure and sustainable development in BRICS and other emerging and developing countries.

The five states signed a separate mutual reserve arrangement designed to help members facing short-term balance-of-payments pressure.

The leaders decided that the new bank would be headquartered in Shanghai and would establish an African regional centre in South Africa.