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Business Daily: Banking on the Brics

27/03/2013

Banking on the Brics

BBC World Service - Business Daily, Banking on the Brics

Top emerging economies pledge a new development bank for poor countries. But will it work?

The world's top emerging economies promise new measures to support development and infrastructure in poor countries. But are the Brics really a force for good in Africa?

A meeting of the leading emerging economies in South Africa is promising new measures to support development and infrastructure in poor countries. But are the Brics really building towards a better future for the African continent? Or are they, as some claim, a new colonial yoke for the poor? We hear from leading figures at the Brics summit in Durban, among them the head of the Brazilian Development Bank and the Indian Finance Minister. We also speak to Jim O' Neill, formerly of Goldman Sachs, and the man who originally back in 2001 coined the term Bric, which refers to Brazil, Russia, India and China. Does he still think these are the best nations to represent the world's shifting balance of economic power? Should Indonesia, for instance, also be at the summit table? The BBC's Karishma Vaswani, who's reported from both Mumbai and Jakarta, reflects on that question.

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