South Africa is ready to host the 5th BRICS Summit scheduled for March 26-27 this year at Inkosi Albert Luthuli International Convention Center in Durban, a government official said on Tuesday.

BRICS is an acronym for a grouping of the world's leading emerging market economies, namely Brazil, Russia, India, China and South Africa.

Speaking at a media workshop on the upcoming BRICS Summit in Pretoria, South Africa, Jerry Matjila, the Director General of the Department of International Relations and Cooperation and BRICS Sherpa, said the summit will be critical for South Africa since the country will be taking over the BRICS chair.

"As South Africa within the BRICS family we have a threefold approach. First we want to advance our nationals interest. Secondly we want to advance the African agenda and thirdly we want to work with our BRICS colleagues in terms of the realignment of the global architecture, politically, economically, financially and improving the world trade systems," said Matjila.

He noted that BRICS is a contributor to the global growth, peace and stability not a threat to established bodies.

Also present at the workshop was Anil Sooklal, Deputy Director General for Asia and Middle East Affairs and BRICS Sous-Sherpa. He emphasized that South Africa has no doubt that the summit will provide a clear road map towards the establishment of the BRICS Development Bank.

He said, "The discussions on the establishment of a BRICS Development Banks are now at an advanced level. There is a political will from all the BRICS countries to establish this bank. "

Sooklal also reported that the work being done by the technical team tasked with ironing out the technical details around the establishment of this bank is going well so far. The technical team is expected to table their final report to the finance ministers of the BRICS countries who are expected to deliver a detailed report to the summit.

"We hope that the report that will be tabled to the finance ministers will make some very positive recommendations in terms of the establishment of this bank," said Sooklal.

He pointed out that the BRICS development Bank will play a big role in the economies of the member states since funding from the traditional finance institutions like the International Monetary Fund and the World Bank is drying out.

"Funding is drying up. Europe is in crisis they have no money for themselves. The US has its fiscal crisis; they have no money to give out. The BRICS bank will play a very critical role in covering all these gaps," he said.

Although a substantial amount is required to establish the bank, Sooklal said the summit will make the final decision on the starting capital although some have suggested 50 billion U.S. dollars. The summit will also decide how much each member state will contribute towards the starting capital of the bank.

South Africa has previously expressed its willingness to host the BRICS bank, but Sooklal told Xinhua that the final decision on the matter will come from the summit.

The BRICS summit is also expected to endorse the establishment of the BRICS think tank, said Sooklal. "There is a convergence of views on the establishment of the BRICS think tank. This would comprise of consortium of experts from different member states who would research and advise governments on BRICS matters. The think tank will assist member states to share ideas, experience and technology," Sooklal added.

The establishment of a BRICS business council, made up of representatives from the member countries, will also emerge from the summit, he said.

Fourteen African heads of states would attend the summit including the chairperson of the African Union. This will give the BRICS heads of states an opportunity to strengthen bilateral relations with African countries, according to Sooklal.