BRICS Bank considers financing projects of non-member countries

Busi Mabuza, the Brics Business Council South African chapter chairperson believes that it is necessary to invest in projects across the continent. This is required, among other things, to establish trade.

If the initiative is approved, African private and public institutions will have access to the capital of the New Development Bank. Investments totalling over US$50 billion will significantly help with the development of local infrastructure.

According to the Director General of the NDB's Africa Regional Centre, Monale Ratsoma, there is already a structure in place to finance projects in non-member countries. This is reported by the Russian Embassy in South Africa.

Photo: iStock