Brics bank opens its doors to all states, including nonmembers
The New Development Bank will provide financial support for private partnerships in Africa
The New Development Bank, a joint initiative by Brics member states, intends to provide finance to all, including nonmember states, Luwellyn Landers, Deputy Minister of International Relations and Co-operation, said on Monday. Landers said that in fulfillment of its purpose, the bank intended to support public and private partnerships through loans, guarantees, equity participation and other financial instruments, while its Africa office would consider projects on the continent. He was speaking at a media briefing on Monday on the state of readiness of SA to host the 10th summit of Brics heads of state from Wednesday to Friday. The summit is preceded by a state visit by Chinese president Xi Jinping on Tuesday. SA chairs the Brics bloc, with Brazil taking over in 2019. Heads of state will meet on Thursday and meet with other leaders from developing economies and regional organisations on Friday. Landers said many of the international guests were in the country and had been holding me...
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