The Brics Development Bank was mooted at a summit in New Delhi in March this year as an alternative to the International Monetary Fund.
The ministers, including Krishna, also reaffirmed their commitment to multilateralism and to increased participation of developing countries in the decision-making bodies of multilateral organizations and institutions.
During his stay, India and South Africa will sign four accords relating to extradition, mutual legal assistance and cooperation in power sector and culture.
President will lead a five-member delegation to the memorial service.
President Pranab Mukherjee will be among over 90 heads of state and government who will attend an emotional memorial service in South Africa on Tuesday for anti-apartheid legend Nelson Mandela, making it one of the largest such gatherings in generations.
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