Five governments sign New Development Bank agreement

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.

The forum addressed city planning, sustainable urban economies and exchanges among member countries.

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 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.

In Brasília, the five BRICS leaders met heads of government from South America, extending dialogue on development and regional cooperation.

Legislators began an interparliamentary channel for dialogue alongside the governments’ established cooperation.

The bank’s governors met in Moscow shortly before the Ufa summit. The institution moved from a signed agreement toward operational governance.