The New Development Bank (NDB), a multilateral infrastructure financier owned by the Brics countries, is considering financing projects in countries beyond the bloc’s 11 members, potentially providing additional funding for infrastructure improvements in African nations like Kenya.
Owned by the Brazil-Russia-India-China-South Africa (Brics) intergovernmental organization, the NDB is exploring the possibility of allocating funds to finance projects across the region. Simultaneously, it is advocating for more African countries, including Kenya, to join the bloc.
South Africa is advocating for the NDB to finance projects across Africa to facilitate trade and provide investment opportunities for Brics companies. If successful, this initiative could grant African private and public institutions access to the NDB’s capital of over US$50 billion, previously only available to companies based in Brics countries.
“We would like the NDB, where there is sponsorship by a member country and there’s intra-regional connectivity opportunity, to consider that as a fundable opportunity,” said Busi Mabuza, the chairperson of the Brics Business Council South African chapter.
Ms. Mabuza explained that South Africa has initiated a campaign to garner support from Brics member states for this plan, aiming to enhance investment prospects for member countries.
In addition to the 11 founding Brics members, the bloc admitted Iran, Egypt, Ethiopia, Argentina, Saudi Arabia, and the United Arab Emirates last year.
For comments, Feedback and Opinions do get in touch with our editor on WhatsApp: +27 82 836 5828
