At the 6th BRICS Summit, hosted on the 15th of July 2014 in the Brazilian city of Fortaleza, the new development Bank with an initial subscribed capital of 50 billion US dollars and a Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion were officially inaugurated. In the 2014 Fortaleza declaration the BRICS members also reiterated their commitment made during the BRICS Leaders-Africa Retreat at the 5th BRICS Summit in Durban to foster and develop BRICS-Africa cooperation in support of the socioeconomic development of Africa, particularly with regard to infrastructure development and industrialization.
One of the Key issues for the BRICS-North Partnership is the question of potential complementarities (or competition) of future development mechanisms like the development bank of the BRICS with Northern institutions such as the World Bank and IMF.From a European respectively German foreign policy perspective one of the key issues is what challenges and opportunities are related with the increased BRICS engagement in Africa. This is also related to the question whether and what role Germany can play in the relations between the BRICS and Europe.
The Symposium was hold in Berlin on 10th September 2014.
We invite you to reed one press release of the event, published from "Neue Welt": here.