Brics Bank mulls funding for non-member projects

A multilateral infrastructural projects financier owned by the Brics countries is mulling over funding projects in countries outside the bloc’s 11 members, unlocking additional finance for infrastructure upgrades in African nations like Kenya.

The New Development Bank (NDB), which is owned by the Brazil-Russia-India-China-South Africa (Brics) intergovernmental organisation, may soon be sending money to finance projects across the region, even as it lobbies for more African countries, including Kenya, to join the bloc.

South Africa is seeking to have the financier fund projects across Africa to ease trade and as an investment opportunity for Brics companies. If successful, this bid could unlock access for African private and public institutions to the over US$50 billion capital of the NDB, which was previously accessible only to companies domesticated within the Brics countries.

“We would like the NDB, where there is sponsorship by a member country and there’s intra-regional connectivity opportunity, to consider that as a fundable opportunity,” said Busi Mabuza, the Brics Business Council South African chapter chairperson.

Ms Mabuza said South Africa has launched the campaign to rally the Brics member states behind the plan in a bid to boost investment opportunities for member countries.

Besides the 11-founding Brics members, others admitted into the bloc last year include Iran, Egypt, Ethiopia, Argentina, Saudi Arabia and the United Arab Emirates. – The East African