BRICS' New Development Bank to help African countries tackle urgent challenges - Rouseff

President of New Development Bank, Dilma Rousseff, has said the creation of this financial institution by Brazil, Russia, India, China and South Africa (BRICS) will help tackle urgent problems of African countries.

Speaking at the BRICS summit held in Johannesburg, South Africa, she noted that the bank will create a more multilateral and inclusive financial system.

Dilma Rousseff said, “The New Development Bank has the potential to be the leader of projects that address the most urgent challenges of African countries.”

“It is [New Development Bank] the expansion of payment mechanisms, notably local currencies and other financial instruments that may eventually be created in order to build a new, more multilateral and inclusive financial system”, she added.

Touching on Foreign Direct Investments (FDIs), Dilma Rousseff, stated that Africa's share of the global FDI rose to 8.8% in 2021.

According to her, Africa's share of global FDIs “can and must rise much more”.

New Development Bank aims to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries.

The formation of BRICS is a framework to reduce dependence on Western financial systems and a counterweight to G7.

SA/NOQ

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