The agreements which are set to be signed between emerging markets at the Brics Summit under way in Sandton, north of Johannesburg, are likely to benefit poor South Africans.

This is according to political analyst Somadoda Fikeni who yesterday said investment deals would provide much-needed jobs for many people.

“Any funding would create jobs for the ordinary man on the street. South Africa being part of crafting a new direction can only be positive if it is handled correctly by the government. But, this is positive, especially because South Africa has been downgraded," Fikeni said.

He said the fact that South Africa is part of the Brics bloc gives it access to funding.

“The world power is shifting towards the East, away from superpowers such as the US,” Fikeni said.

However, Fikeni warned that South Africa should not sit on its laurels and think that Brics countries have good intentions.

“They come with the national interests of their countries.” On Tuesday, China made a commitment to pay out $14.7-billion (R196-billion) to fund investments in South Africa.

Another political analyst, Ralph Mathekga, said Brics countries were trying to retain financial sovereignty.

“Brics is a way to build financial development where Brics countries don’t have to go to the World Bank for funding,” Mathekga said.

Mathekga, however, said South Africa was still regarded as an underdog by other Brics countries.

“What is happening is positive but South Africa should know that it is still treated as an underdog.”

The Brics bloc includes Brazil, Russia, India, China and South Africa.