Africa: Brics Bank to Unlock Africa's Economic Potential

Aug 21, 2017 | Southern African News Features; All Africa

The launch of a regional development bank by the BRICS countries to service the African continent is a positive development that is expected to unlock the continent's socio-economic potential.

South African President Jacob Zuma said this on 17 August at the launch of the Africa Regional Centre of the New Development Bank (NDB) in Johannesburg, South Africa. The NDB, formerly known as the BRICS Development Bank, is a multilateral development bank established by the BRICS countries, comprising Brazil, Russia, India, China and South Africa. With its headquarters in the Chinese city of Shanghai, the bank was established in February 2016 to mobilize resources for infrastructure and sustainable development projects in BRICS member states and other emerging economies, as well as in developing countries. The Africa Regional Centre of the NDB will exclusively cater for the developmental needs of the continent. "The launch of the Africa Regional Centre of the New Development Bank is a historic occasion as it marks the strengthening of the BRICS formation and also underlines the BRICS commitment to the development of the African continent and emerging markets," Zuma said. Zuma, who is the incoming chairperson of the Southern African Development Community (SADC), said this development is not only a "critical milestone" for South Africa, but "for the entire African continent," and should, therefore, be celebrated as a shared achievement. "The launch of the centre is testament to our commitment that BRICS and the New Development Bank should benefit not only BRICS countries, but should also benefit the whole of Africa and the developing world as a whole," Zuma said. He added: "This is, therefore, truly a proud moment, which points to a brighter future for the people of our continent and the developing world in general. "Zuma said Africa has "great expectations" for the new bank to unlock the socio-economic potential of the continent. "We expect that the bank, through the Africa Regional Centre, will contribute to accelerating infrastructure investment in energy, transport, water and other productive sectors," he said. Read more on All Africa. Source: All Africa