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DBSA eyes Brics bank and diversification

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(L to R) Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma join their hands during Brics summit in Fortaleza, Brazil.
(L to R) Russia's President Vladimir Putin, India's Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, China's President Xi Jinping and South Africa's President Jacob Zuma join their hands during Brics summit in Fortaleza, Brazil.

The Development Bank of Southern Africa (DBSA), which largely funds municipal infrastructure, is on the fence about the New Development Bank planned by the Brics group of countries.

In the DBSA’s annual report, released this week, CEO ­Patrick Dlamini noted that the new bank could be a threat as well as an opportunity – to a large extent, it will play in the same space as the DBSA.

“Of concern is the ability of the New Development Bank to potentially provide preferential rates to clients due to its funding structures and financial strengths of the key founding countries,” wrote Dlamini.

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