President Zuma to launch BRICS African Regional Centre

by Khodani MasindiAugust 17, 2017

President Jacob Zuma will preside over the official launch of the African Regional Centre of the BRICS New Development Bank (NDB). The launch of the regional centre will take place in Sandton, Johannesburg.

“The BRICS [Brazil, Russia, India, China and South Africa] bloc of countries signed the agreement establishing the New Development Bank at the sixth BRICS Summit in July 2014 in Brazil,” said the Presidency on Wednesday.

Meanwhile, the seventh BRICS Summit marked the entry into force of the agreement on the New Development Bank. The NDB headquarters were officially opened in Shanghai, China, in February 2016.

Another key resolution taken at the summit was to establish regional offices that would perform the important function of identifying and preparing proposals for viable projects that the bank could fund in their respective regions. President Zuma will be joined at the launch by the President of the NDB, Kundapur Vaman Kamath, Cabinet Ministers as well as other dignitaries.

Last week, the BRICS New Development Bank confirmed the appointment of National Treasury Director General, Dondo Mogajane, to the bank. The Director General was appointed as the new Director representing South Africa. The NDB was established by the BRICS countries to finance infrastructure and sustainable development projects.

The bank, which lends money to developing countries to help finance infrastructure projects, is seen as an alternative to the World Bank and the International Monetary Fund.

Source: http://www.sanews.gov.za/south-africa/president-zuma-launch-brics-african-regional-centre

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Khodani Masindi