This week the 4th annual meeting of the New Development Bank (NDB), which was established as a developmental lender by the BRICS nations (Brazil, Russia, India, China and South Africa) is currently being hosted in Cape Town for the first time.

The Minister of Higher Education and Training, Naledi Pandor and the Finance Minister, Tito Mboweni addressed the delegates on the opening day.

According to Fin24, Mboweni emphasised the importance of fostering interconnectedness, while Pandor said that policy makers need to focus on improvements in their distribution and gains from growth.

“This is a very important annual meeting. We are looking for opportunities not only for the Bricks group to interact with other countries, but for how to develop Africa,” said Pandor.

“Are we not better off saying, we are seeing in Mozambique the absence of an integrated system due to lack of infrastructure systems. Should we not work with the Dutch, who are experts in the water management to cater in Mozambique for disasters? Maybe this is a though the NDB could have,” added Mboweni.

Fin24 added after the Minister’s address, two loan agreement was officially signed by NDB. The first loan was a two-step loan of up to $300 million for a greenhouse gas emission reduction and energy sector development, while the second loan is to power Eskom for renewable energy integration and transmission augmentation in the amount of $180 million.

The project will integrate a total of 670MW of renewable energy into the Eskom’s grid, added the NDB.

“As South Africa and Africa we are posed to enter a period of social and economic transformation. I believe the NDB and its partners will provide the infrastructure to help overcome the legacy of the past and enhance the quality of life for all our people,” concluded Pandor.

[Source – Fin24] [Image – CC 0 Pixabay]