Africa (Common Wealth) _The BRICS-created New Development Bank (NDB) to help finance African countries’ projects to address their most pressing challenges, said the bank’s president, Dilma Rousseff, in a speech in Johannesburg, adding that the bank would finance physical and digital infrastructure projects in Africa, as well as educational ones.
Dilma Rousseff, former President of the Federative Republic of Brazil and President of the New Development Bank (NDB), went on to say that the BRICS countries are “good partners” for Africa.
Rousseff stated that the New Development Bank has the ability to lead projects addressing Africa’s serious concerns. Despite Africa’s share of global FDI increasing from 4.9% in 2010 to 8.8% in 2021, she emphasized the need for additional expansion. “There is still significant room for further progress,” Rousseff said.
She also emphasized the importance of strengthening payment methods, notably through the use of local currencies and innovative financial solutions. These policies are intended to help develop a more inclusive and multilateral financial ecosystem.
Furthermore, President Rousseff emphasized the need of multi-national infrastructure collaboration. She emphasized Africa’s vast untapped hydroelectric potential, emphasizing the possibilities for collaborative ventures in this area. The New Development Bank emerges as a potential leader in solving Africa’s critical challenges, guided by the BRICS countries’ common commitment and vision.
The leaders of Brazil, Russia, India, China, and South Africa will meet at the XV BRICS Summit in Sandton, Johannesburg, from August 22 to 24, 2023. “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism,” was the topic of the Summit. The BRICS Summit is being held in person for the first time since the COVID-19 outbreak and the ensuing global travel restrictions.
The leaders of the BRICS countries have reiterated their commitment to the BRICS spirit of mutual respect and understanding, sovereign equality, solidarity, democracy, openness, inclusivity, stronger collaboration, and consensus.
As the group celebrates 15 years of BRICS Summits, it has pledged to strengthen the framework of mutually beneficial BRICS cooperation under the three pillars of political and security cooperation, economic and financial cooperation, and cultural and people-to-people collaboration.
The Johannesburg II Declaration, which summarizes important BRICS opinions on global economic, financial, and political issues, was successfully endorsed at the 15th BRICS Summit. This was stated by BRICS Chair President Cyril Ramaphosa during a press conference to present the results of the XV BRICS Summit.
We accepted the Johannesburg II Declaration, which encapsulates fundamental BRICS messages on global economic, financial, and political issues. It exemplifies the similar principles and common interests that underpin the five BRICS countries’ mutually beneficial collaboration, he said.
The BRICS leaders emphasized their willingness to look at ways to improve the global financial architecture’s stability, reliability, and fairness. The leaders stated in the proclamation that they recognize the widespread benefits of rapid, low-cost, transparent, safe, and inclusive payment systems.
As a result, the Summit agreed to charge the BRICS Finance Ministers and/or Central Bank Governors, as appropriate, with researching and reporting on the subject of local currencies, payment mechanisms, and platforms.
The summit also acknowledged the New Development Bank’s (NDB) critical contribution in boosting infrastructure and sustainable development in its member countries. The Summit congratulated Dilma Rousseff, President of the New Development Bank (NDB), and expressed confidence that she will contribute to the NDB’s strengthening and successful implementation of its mandate.
In their first in-person engagement with leaders, the leaders also welcomed the efforts of the BRICS Women’s Business Alliance, particularly the inclusion of youth representatives in the Summit. They also addressed expectations for the BRICS economic collaboration to create meaningful benefits for communities and deliver viable answers to shared global South concerns.
The Summit also emphasized the value of BRICS people-to-people encounters in fostering mutual understanding, friendship, and cooperation. Brazil, Russia, India, and China congratulate South Africa on its BRICS Chairship in 2023 and express gratitude to the South African government and people for hosting the XV BRICS Summit.
The bloc also expressed its full support for Russia’s BRICS Chairship in 2024 and the hosting of the XVI BRICS Summit in Kazan, Russia.
