New Development Bank pledges support for African development

A senior official with the New Development Bank, the multilateral bank jointly launched by the BRICS countries, is pledging more efforts to promote the development of African countries.

The BRICS-led New Development Bank has been committed to financing infrastructure and sustainability projects in BRICS and other developing countries since its establishment in 2014.

The bank opened the Africa Regional Center in Johannesburg last August, taking it as a gateway to participate in the development of the African continent.

Leslie Maasdorp, Vice President and Chief Financial Officer of the BRICS-led New Development Bank, says the Africa Reginal Center plays an important role in facilitating projects to South Africa.

Leslie Maasdorp, Vice President and Chief Financial Officer of the BRICS-led New Development Bank. [Photo: China Plus/ Courtesy from Mr. Leslie Maasdorp]

"One of the principal motivations behind the African Regional Center is to increase the pipeline of bankable projects from South Africa. A you know, the headquarters of the New Development Bank is based in Shanghai. Shanghai is far from South Africa. So having a local presence here will enable us and have already enabled us to accelerate the pace of bringing new projects to the bank.”

Upon the establishment of the Africa Regional Center, a lending of 1.5 billion US dollars was announced to fund infrastructure projects in South Africa within an eighteen months period. And so far the bank has already approved three projects in South Africa, including the reconstruction of the Durban port.

Leslie Maasdorp says the projects not only benefit South Africa, but also boost the development of the African continent.

"The Durban port is the main port for import and export in South Africa. By expanding the port, we're able to significantly increase the potential for South Africa to export goods to China, to all parts of world. So it has a very strong impact, stimulating growth in South Africa. It can also stimulate trade and investment in the region."

It's reported the bank is set to lend up to between 70 billion and 80 billion US dollars in the next five years in South Africa.

The bank is also teaming up with other financial institutions such as the African Development Bank to co-finance projects to support Africa's development.