The summit took place in South Africa on the theme of "BRICS and Africa-Partnerships for Integration and Industrialization" on March 26 and 27.

Present there on invitation were Egyptian, Senegalese and other heads of state of African countries and hundreds of high-ranking government delegates unlike the previous summits.

The summit discussed on the issues of boosting economic growth and reforming international financial institutions by strengthening cooperation between BRICS (Brazil, Russia, India, China and South Africa) and African countries in order to tide over the present economic crisis.

At the end of the summit the BRICS Business Council was inaugurated and an agreement was reached on setting up a BRICS Development Bank.

It was reported that if the BRICS Development Bank is set up as agreed upon, the cooperation plans between BRICS countries and developing countries including African countries would be actively pushed forward on the principle of mutual benefit such as settlement with local currency.

Observers appreciate the BRICS Development Bank as a fair and promising financial institution which will terminate the member nations' dependence on the World Bank and IMF and save the developing countries from the U.S. dollar-dominated world economic system now on the verge of collapse.

Experts said that through the summit African countries clarified their will to sever the economic relations with the Western "donators" which only pursued their egotistic aims from the historic point of view.

The 5th BRICS Summit clearly proved that the era of multi-polarization reflecting the independent requirements of mankind for righteous development has entered a full-fledged phase.