Brics have a role in African regional integration, says GEGAfrica
Brazil is currently hosting the sixth Brics (Brazil, Russia, India, China and South Africa) heads of state summit.Brazil is currently hosting the sixth Brics (Brazil, Russia, India, China and South Africa) heads of state summit.
The Brics have a role to play in the regional integration of Africa, the Global Economic Governance Africa project (GEGAfrica) said in an analysis published on its website.
Last year’s Durban summit ended with a number of initiatives, including the Contingency Reserve Arrangement (CRA), the Leaders-Africa Dialogue Forum Retreat and the Business Council.
The CRA, with an expected initial fund of $100 billion (€74 billion) means Brics may not need the support of the International Monetary Fund to make its own loans and so affording member states greater political autonomy.
The Brics have also made several commitments to promote regional integration in Africa.
In particular, they agreed to establish a Brics Development Bank, which is expected to play a big role in financing infrastructure in Africa.
They also signed the Brics Multilateral Infrastructure Co-Financing Agreement for Africa, that will be used as a vehicle to facilitate co-financing for infrastructure development projects in Africa.
However, GEGAfrica questions whether Africa will remain on the BRICS agenda for years to come and says an indicator of this will be this week's summit in Brazil.