Several agreements were signed at the Fifth Brics Summit in Durban this week, and the much-mooted Brics Development Bank appears to be firmly on the cards.
The event in Durban was touted as a success as the leaders of Brazil, Russia, India, China and South Africa left Durban's International Convention Centre yesterday.
President Jacob Zuma said they have decided to enter formal negotiations to establish a Brics-led new development bank.
Brics is the group of developing countries made up of Brazil, Russia, India, China, and South Africa.
In a joint statement, Zuma and the leaders of the other member countries said following the report from their finance ministers, they are satisfied that the establishment of a New Development Bank is feasible and viable.
Russian finance minister Anton Silaunov, who spoke before the signing of several bilateral agreements between Russia and South Africa on Tuesday, said agreement still had to be reached on the financial contributions member states would make.