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It is time for the BRICS group of countries to expand its membership, delegates heard at the 4th annual meeting of the New Development Bank in Cape Town.
South Africa is hosting the 4th Annual Meeting of the BRICS New Development Bank in Cape Town, with the hope of showcasing projects the bank has funded, and for the bank's management to meet with potential investors to discuss long-term opportunities.
The BRICS Institute was launched this week in in Sandton, with the aim of combining academic research and practical business cooperation.
The launch of the African Regional Centre of the Brics bank means developing countries won’t have to rely solely on the West to fund development, says Finance Minister Malusi Gigaba.
Finance Minister Malusi Gigaba has clarified why the Brics bank's R2.8bn loan to Eskom was placed on hold.
President Jacob Zuma will preside over the first regional office of the Brics bank that will open its doors in Johannesburg next week.
The New Development Bank says Eskom will receive R2.6bn in assistance for renewable energy projects, part of a package of R11.85bn in green energy loans.
The New Development Bank is formally “open for business" and the recruitment process for its Africa Regional Centre has started, says National Treasury.
Government proposes to use a R2bn portion from its sale of Vodacom shares for South Africa’s initial capital contribution to the New Development Bank.
Russian President Vladimir Putin says the new Brics bank will become fully operational and finance energy projects next year.
Finance Minister Tito Mbownei emphasised the importance of fostering ties between Southern African countries during a short welcoming address at the New Development Bank's annual meeting in Cape Town.
The New Development Bank plans to lend as much as R8bn more in South Africa this year in an effort to level the playing field among its five member states.
President Jacob Zuma hailed the increase in trade with fellow Brics member countries, but said this trade is one-sided.
President Jacob Zuma has lauded the Brics bank for making loans available in the currencies of member states as he declared the first African Regional Centre officially open for business.
Finance Minister Malusi Gigaba will nominate a National Treasury official to head the African Regional Centre (ARC) of the New Development Bank (NDB), better known as the Brics Bank.
The Brics Bank is positioning itself to play a significant role in areas where the global financial institutions are seen to have failed, say Mills Soko and Mzukisi Qobo.
The new multilateral lender set up by the Brics nations has approved its first set of loans valued at $811m for renewable energy projects.
The wind has clearly gone out of the sails of the Brics as a power block, says analyst Dr Martyn Davies, managing director of Frontier Advisory Deloitte.
The Brics nations have agreed to coordinate efforts to keep their economies stable, as they fret over the volatility of global financial markets and oil prices.
The New Development Bank being launched by the Brics group of emerging economies plans to raise money both on local markets and internationally, says its president.
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