The NDB is a development bank established by the Brics (Brazil, Russia, India, China and South Africa) bloc of countries.
Africa needed to find non-traditional ways of attracting finance for social and financial infrastructure which would lead to higher growth and more jobs, said South Africa Higher Education Minister Naledi Pandor on Monday.
Pandor opened the New Development Bank fourth annual meeting at the Cape Town International Convention Centre. “Our involvement in the New Development Bank is driven by our passion and desire to realise our vision of a prosperous Africa based on inclusive growth and sustainable development,” said Pandor.
She stressed innovative thinking needed to complement traditional financing methods for infrastructure development in Africa which could no longer solely rely on financing from developed countries as it would be placed at the “mercy” of regional business cycles.“It makes no sense for us to expect that donor countries will find our initiatives on our own without us mobilising our own resources…”
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