August 17 2017 –THE New Development Bank (NDB) was set to benefit infrastructure projects on the African continent as a whole, and having a permanent regional centre showed commitment to that undertaking, says President Jacob Zuma.
Speaking at the launch of the African Regional Centre of the NDB in Sandton, Zuma says “We are therefore happy to know that the bank is working on expanding its membership to other countries beyond BRICS. We certainly trust that African countries will be among the first to take up membership at the New Development Bank.”
“We expect that the bank, through the Africa Regional Centre, will contribute to accelerating infrastructure investment in energy, transport, water and other productive sectors.”
The possibility of setting up the NDB was first considered at the fourth BRICS Summit in New Delhi by the leaders of Brazil, Russia, India, China and South Africa in a bid to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies.
The bank was set up with an initial authorised capital of US $100 billion, with the initial subscribed capital of US$50 billion equally shared among founding members.
In 2015, the New Development Bank was launched with the opening of the head office in Shanghai, China. The bank last year issued its first set of loans amounting to US$1.5 billion dollars, approximately R20 billion, to fund renewable energy projects in member countries.
Zuma said he had been most pleased at the progress made in the two years of the bank’s existence. –ANA