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BRICS Bank Considers Financing Projects in Non-Member African Countries, Official Says

17:52, 28 May 2024

CC BY 2.0 / Irina Gheorghita / Africa

Rasina Musallimova

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The New Development Bank was established by the BRICS countries through an intergovernmental agreement signed at the 6th BRICS summit in Fortaleza, Brazil, in July 2014. Its primary role is to finance infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries.

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BRICS New Development Bank (NDB) considers financing projects in non-member African countries, Chairman of the South African chapter of the BRICS Business Council, Busi Mabuza, said.

It makes sense to finance projects across Africa to facilitate trade and provide investment opportunities for companies from the BRICS member states, she noted.

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If the initiative is approved, African private and public institutions would have access to more than $50 billion in NDB capital, she added.

According to the Director General of the NDB's Africa Regional Center, Monale Ratsoma, there is already a structure in place to finance projects in non-member countries.

Last October, The NDB provided a loan of $100 million to South Africa for the sustainable infrastructure development program.