BRICS bank can help African countries tackle urgent challenges

The New Development Bank, a collaborative initiative of BRICS nations established in 2015, stands poised to play a pivotal role in funding crucial African endeavors, according to its President, Dilma Rousseff.

Former Brazilian President Rousseff, speaking in Johannesburg, emphasized the strong partnership between the BRICS countries and Africa. She highlighted that the bank's focus will encompass both physical and digital infrastructure projects, as well as educational initiatives across the African continent.

Rousseff asserted that the New Development Bank holds the potential to spearhead projects aimed at addressing Africa's pressing challenges. Despite Africa's foreign direct investment (FDI) share expanding from 4.9% in 2010 to 8.8% of global FDI in 2021, she underscored the need for further growth. "Significant room remains for increased progress," Rousseff noted.

She also highlighted the necessity of bolstering payment mechanisms, particularly through the introduction of local currencies and innovative financial tools. These measures are envisioned to contribute to the establishment of a more inclusive and multilateral financial ecosystem.

Furthermore, President Rousseff stressed the importance of collaborative infrastructure ventures among multiple nations. She pointed out Africa's abundant untapped hydroelectric potential, underlining the opportunities for joint projects in this domain.

In conclusion, the New Development Bank emerges as a potential leader in addressing Africa's urgent challenges, guided by the commitment and vision shared by BRICS countries.