BRICS Development Bank will reduce reliance on foreign aid BRICS Development Bank will reduce reliance on foreign aid SABC

South Africa: President Jacob Zuma presides over official launch of African Regional Centre of BRICS New Development Bank

Aug 10, 2017

South Africa's Jacob Zuma, will preside over the launch of the African Regional Centre of the New Development Bank (NDB) on 17 August 2017. The President will be joined by the President of the NDB, Mr Kundapur Vaman Kamath, cabinet ministers, NDB executives and other dignitaries.

BRICS countries signed the Agreement establishing the New Development Bank at the Sixth BRICS Summit in July 2014 in Brazil, and 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 the respective regions.

The first of its kind would be set up in Johannesburg, South Africa. The launch of the African Regional Centre will showcase the NDB's service offering, highlighting the Bank's potential role in the area of infrastructure and sustainable development in emerging and developing countries.

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