By Riches Soberekon
President Dilma Rousseff has emphasized the significant role of the New Development Bank in funding important projects across Africa.
Established in 2015 by the BRICS nations, this collaborative initiative aims to address Africa’s pressing challenges through infrastructure development and educational initiatives.
During her speech in Johannesburg, President Rousseff underscored the strong partnership between the BRICS countries and Africa. She highlighted the need for continued growth in foreign direct investment (FDI) in Africa, with the region’s FDI share increasing from 4.9% in 2010 to 8.8% in 2021.
President Rousseff also stressed the importance of strengthening payment mechanisms, particularly through the use of local currencies and innovative financial tools.
These measures aim to create a more inclusive and multilateral financial system in Africa.
Furthermore, she highlighted the potential for collaborative infrastructure projects involving multiple nations.
President Rousseff specifically mentioned Africa’s untapped hydroelectric potential and the opportunities for joint ventures in this sector.
In conclusion, the New Development Bank, with its focus on infrastructure, education, and innovative financial solutions, is poised to play a crucial role in funding important African projects.
The commitment and vision shared by the BRICS countries demonstrate their dedication to addressing Africa’s challenges and promoting sustainable development on the continent.
