BRICS Bank Emerges as New Pillar of Global Economic Cooperation
19:21 18.05.2025 (Updated: 19:44 18.05.2025)
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BRICS Bank Emerges as New Pillar of Global Economic Cooperation
"The BRICS Bank [NDB] allows for South-South cooperation, reducing dependency on Western-dominated institutions and offering alternative capital flows," Kebour Ghenna Desta, ED of the Pan African Chamber of Commerce and Industry, told Sputnik Africa.
How is the NDB reshaping global finance?
🟠offers financing without harsh neoliberal strings attached;
🟠focuses on infrastructure, renewables, and climate resilience;
🟠respects national sovereignty and avoids political interference;
🟠prioritizes local currency lending to reduce dollar dependency.
"The BRICS Bank has the potential to reshape norms around sovereignty, equity, and development finance," the official noted.
What should the NDB do to strengthen its position in Africa?
🟠use AfCFTA, Regional Economic Communities to boost intra-African trade;
🟠build strong regulatory, fiscal and anti-corruption mechanisms;
🟠increase African representation, leadership in South-led bodies;
🟠invest in African development finance research, innovation and digital infrastructure.
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