The New Development Bank will financially back infrastructure and education projects, the chair of the institution has pledged
The New Development Bank will provide African nations with valuable financial help to tackle their most urgent needs, the chair of the multinational lender, Dilma Rousseff, said on Thursday, adding that the members of the BRICS group are “good partners” for Africa.
Speaking at the BRICS summit in Johannesburg, Rousseff, who was formerly the president of Brazil, promised that the Shanghai-based lender would finance projects related to physical and digital infrastructure, as well as education, on the continent
“The New Development Bank has the potential to be the leader of projects that address the most urgent challenges of African countries,” she stated.
The head of the BRICS bank noted that although Africa’s share of foreign direct investment (FDI) rose to 8.8% of the global total in 2021, up from just 4.9%…
