How Brics’s New Development Bank could help SA
Ferial Haffajee speaks to Brics bank vice-president Leslie Maasdorp ahead of the Brics Summit in Johannesburg
Brics bank vice-president and CFO Leslie Maasdorp says it can lift investment in South Africa by up to R85-billion over five years,and in a time of Brexit the grouping can bolster support for multilateralism and a more inclusive globalisation. Ferial Haffajee spoke to Maasdorp ahead of the Brics Summit in Johannesburg this week. Haffajee: In a recent article Jim O'Neill, the Goldman Sachs executive who coined the concept of Brics, said South Africa was not part of the initial thinking of Brics and growth since then as well as the size of the economy suggested it still sits uneasily in this club of nations. What is your response to this? Maasdorp: In 2003 Jim O'Neill and his team at Goldman Sachs generated the concept of Brics in a report titled "Dreaming with Brics, the path to 2050." It predicted that Brazil, Russia, India and China will collectively acquire greater economic clout relative to the current G7 economies. But it was only a research report. Now the group lives.And South...
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