BRICS Bank Regional Office Opens in Johannesburg
PRETORIA – The New Development Bank of the five-nation BRICS grouping is officially open for business and has started hiring staff, according to the National Treasury. The bank is in the process of establishing its Africa Regional Centre in Johannesburg, as announced by Finance Minister Pravin Gordhan in his 2016 Budget Speech, and the Treasury […]
PRETORIA – The New Development Bank of the five-nation BRICS grouping is officially open for business and has started hiring staff, according to the National Treasury.
The bank is in the process of establishing its Africa Regional Centre in Johannesburg, as announced by Finance Minister Pravin Gordhan in his 2016 Budget Speech, and the Treasury said on Monday the bank has begun recruiting staff and is encouraging locals to apply.
The New Development Bank BRICS, formerly referred to as the BRICS Development Bank, is a multilateral development bank operated by the BRICS states – Brazil, Russia, India, China and South Africa – as an alternative to the existing US-dominated World Bank and International Monetary Fund.
According to the 2016 Budget Review, South Africa’s first instalment of R2 billion was paid in December last year, and the budget makes provision for further commitments over the medium term. According to news reports on Monday, the bank said it plans to lend $2 billion in 2016.
“This initiative gives impetus to our role as a financial centre for Africa, and will facilitate access to global finance by African investors and institutions,” said Minister Gordhan.
Partly sourced from SAnews.gov.za