Why is the 2018 BRICS summit good for poor South Africans?

Why is the 2018 BRICS summit good for poor South Africans?

- President Cyril Ramaphosa has heaped praise on the BRICS bank which he said had issued loans totalling R68 billion since inception

- Leaders and businesspeople from Brazil, Russia, India, China and South Africa are meeting in Johannesburg to discuss investment and trade deals

- The deals and agreements signed at the summit will likely lead to job creation in South Africa

PAY ATTENTION: Click "See First" under the "Following" tab to see Briefly news on your News Feed!

Leaders, politicians and businesspeople from Brazil, Russia, India, China and South Africa are meeting at the Sandton International Convention Centre in Johannesburg for the 10th annual BRICS summit.

The aim of this summit is to bring leaders and businesspeople together in order to unlock possible trade deals and to discuss and sign investment deals which will benefit the member countries. Leaders are also expected to discuss and outline challenges which face the economies of the bloc.

READ ALSO: EFF turns 5: Juju's journey from ANCYL president to EFF leader

Political analyst and economists believe the deals and agreements which could and should be signed during the summit will benefit South Africa in terms of job creation. Investment deals, funding from the BRICS Development Bank and infrastructure projects will almost certainly lead to an upswing in job creation.

Briefly.co.za gathered that President Cyril Ramaphosa heaped praise on the BRICS Development Bank during his address at the BRICS business forum on Wednesday.

SowetanLive.co.za reported that Ramaphosa said the bank had issued loans totalling R68 billion since its inception and this year alone had issued loans to the value of R23 billion.

Ramaphosa said the BRICS bank was critical in providing project funding between countries and helping the bloc achieve ever-increasing cooperation between member nations. He said the establishment of the bank was one of the most significant achievements the bloc had made since it was established.

Ramaphosa said the leaders of the bloc were committed to increasing the role which the BRICS bank played in socio-economic development.

Economists remain split about South Africa’s position within the bloc. While the access to funding, trade deals and investment opportunities are a welcome plus, the downside is that each member nation has its own agenda.

Political analyst Somadoda Fikeni warned that while China promised to invest R196 billion in South Africa that investment was not free but that China has its own agenda behind that investment.

READ ALSO: Russian president Vladimir Putin arrives in South Africa for 2018 Brics summit

For more amazing, funny and informative videos, please visit Briefly South Africa's YouTube Channel.

Do you have a story to share with Briefly? Visit our Facebook page where you can send us a message or leave us a comment. Your story could be shared online.

To stay up to date with the latest news, download our news app on iTunes or GooglePlay today.

Source: Briefly.co.za

Related news
IngonyamaTrust stirring controversy amidst demands of its dissolution

IngonyamaTrust stirring controversy amidst demands of its dissolution

Traditional leaders demand clarity on the authority of the King on land
Briefly.co.za