BRICS Development Bank to Rival World Bank

BRICS leaders including Brazil, Russia, India, China and South Africa

As BRICS Leaders prepare to meet in Durban, South Africa this Tuesday for the fifth summit of the BRICS bloc of emerging economies – Brazil, Russia, India, China and South Africa, a groundbreaking economic statement is expected.

The bloc is set to launch a joint development bank that will change the global money game and rival the western-dominated World Bank and the International Monetary Fund (IMF).

Details on how the bank will work remain scanty but diplomats point out that it could start with US$10 billion seed money from each country.

Kenya is the 8th most valuable brand in Africa

The brand Kenya that has a value of $18.7 billion has been ranked 8^th a position higher than last year’s position. South Africa topped the list of top branded African countries with a value of $217.7 billion, followed by Egypt and Nigeria with a brand value of $109 and $87.9 billion respectively.

Brand Kenya CEO Mary Kimonye is sighting that increased marketing of the Brand globally will improve the attraction of investors in the country.

Kenya’s economic slumber

Most sectors of the economy growth shrunk with high interest rates, soaring fuel costs, and low investment levels before the general election being the main factors to blame. The Minister for Planning Wycliffe Oparanya said that the economic growth in 2011 declined to 4.4 percent from 2010’s 5.8 percent.

Another aspect that the minister highlighted was the fall from 6.4 to 2.4 percent of the Agriculture sector, Kenya’s biggest earner. The decline was attributed to the unpredictable weather and high cost of fertilizer.