The South African government on Wednesday stressed the necessity to establish a BRICS development bank so as to boost development in member countries.

"If this happens it would give a major boost to some of the development needs we have," Deputy Minister of International Relations and Co-operation Marius Fransman said amid reports that the bank is likely to be official launched at the BRICS's fifth Summit'to be held in Durban, South Africa, in March 2013.

Fransman said South Africa "strongly supports" the establishment of BRICS Development Bank.

BRICS embraces emerging economies of Brazil, Russia, India, China and South Africa.

Fransman was speaking at a conference on BRICS cooperation held at the Stellenbosch University near Cape Town.

At the Durban summit, BRICS members were expected to finalize a proposal put forward at the last BRICS summit in New Delhi last year to set up a Brics-led South-South Development Bank, funded and managed by the BRICS and other developing countries, according to Fransman.

South Africa needs to advocate for the BRICS bank to loan money to non- BRICS African nations to ensure the bank fully facilitate national development in the continent, said Daniel Bradlow, a senior Economic Diplomacy Program expert with the South African Institute of International Affairs (SAIIA).

He told Xinhua the bank would put in place policies that would advance Africa business opportunities.

"South Africa needs to advocate for the bank to be able to lend to non-BRICS countries so that it can support infrastructure projects that promote regional integration as well as national development in Africa," Bradlow said. Endi

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