Global South Pole

BRICS: Building Africa's Economic Future

The BRICS New Development Bank is considering financing projects in non-member African countries, aiming to develop local infrastructure and strengthen economic ties between BRICS and Africa. If approved, African institutions will have access to over $50 billion in NDB capital, which will boost trade and provide investment opportunities.
Sputnik
Given the African continent's debt level, it is important for the countries to have conditionalities that will not increase the burden, according to Mikatekiso Kubayi, a researcher at the Institute for Global Dialogue associated with the University of South Africa.

“You want conditionalities that will assist African economies to determine, set their own priorities, and achieve the growth levels that they require; that is where the NDB [New Development Bank] comes in. The NDB is a leader in this. It has a far quicker turnaround time between loan application and granting. It has less stringent requirements for accessing particular loans,” the researcher explains.

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