BRICS Bank to fund 15 infra projects worth $3 billion this year



The first president of the New Development Bank K. V. Kamath speaks at the 2nd annual meet of the new lender in New Delhi on 1 April 2017 [Image: BRICS Business Council]

The New development bank set up by the BRICS is holding its second annual meet in the Indian capital New Delhi from 31st March- 2nd April.
The bank is headquartered in Shanghai.

On Saturday, Kundapur Vaman Kamath, the President of the NDB said the new lender plans to fund 15 infrastructure projects in member countries worth upto $3 billion this year, double that of last year.

Earlier last year, the BRICS Bank funded 7 projects worth nearly $1.5 billion.

It also approved loans amounting to $900 million to green projects in each member state.

India’s Finance Minister Arun Jaitley also addressed the BRICS Bank annual meet on Saturday.

“I hope that NDB will emerge as a development bank and help in funding of emerging economies… The NDB was established with core mandate to finance sustainable projects,” Jaitley said.

BRICS nations account for 43 per cent of the world’s population and are seeking greater sway in global finance to match their rising economic power.

The first regional office of the BRICS Bank will be set up in Johannesburg, South Africa and “will be the face of NDB for the continent”.

BRICS members, China, India and Russia are also the three largest shareholders in the China-led Asian Infrastructure Investment Bank (AIIB).

Both the BRICS Bank and the AIIB will extend China’s financial reach and compete not only with the World Bank, but also with the Asian Development Bank, which is heavily dominated by Japan.

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  1. It looks like the onslaught of the west is now in motion; I’m really encouraged. What are the possibilities of SA getting a low interest loan from BRICS partners to pay off the national debt which in any case we do not know where it comes from, how much it is and who the creditors are? Treasury and the SARB have kept this info to themselves.

    1. It looks like you spoke too soon in our case Stalin. I hardly had time to look at the comments when an announcement by S&P to throw us into junk was made. A complete assault on our sovereignty. The question to be asked is what happened between the day before Pravin was fired and the two days thereafter to warrant the decision. It is purely political. These fraudsters called rating agencies are nothing else but political tools to deal with countries which don’t tow the line of international monopoly capitalists and they are armed by the local arm of white monopoly capitalists.

  2. This infrastructure projects will rejuvenate our struggling economy which have stagnated at the moment.
    However ,care must be taken that these massive projects should not end up on the table of colluding
    We need to be vigilant to the point of approaching multinational construction Companies to drive radical
    Transformation and encourage involvement of our youth and women contractors.

  3. Thanks PK. I will also check developments and yes i did see Dr Surve being appointed to that position. I quess congratulations are in order then.

  4. Brics is the way to go in terms of financing our infra structure projects:
    What is crucially and urgently needed in this country is to break the monopoly in our backing sector:
    #Nationilize the Reserve bank.
    #Form a state bank whether it be the Post Office.
    #form one or two fully black owned commercial banks.
    That way we can compete with the big 5 WMC banks & teach them a lesson or two, that our few cents wich are worth billion with our numbers, taken away from their WMC banks, can bring them down to earth.

  5. I must say i was truly indifferent to the BRICS development bank. Can anybody inform me whether the bank has or will indeed fund a project in Mzanzi this year? Will WMC benefit again? Remember they do not like the LOOK EAST idea.

    1. I must actually ask Dr Iqbal Surve, he sent me his new appointed as SA chairperson of the Brics Business Council.



  6. Hey PK,

    Soon – very soon now, Please GOD – it will be the time for Mr. Johann “JR” Rupert and his Afrikaner Mafia gang members “GT” Ferreira; “LL” Dippenaar; “PK” Harris (no relation of mine; SIS!); “Viv” Bartlett and the others to “get their come-uppense”. Right.

    No longer will they be able to ‘PAY their way’ out of the ‘STATE CAPTURE’ that they are involved in; the Fraud and the CROOKING CHEATING THIEVING FROM THEIR VERY OWN CLIENTS, ESPECIALLY THEIR so-called ‘poor’ so-called ‘black’, ‘Coloured’ and Indian CLIENTS. Right PK.

    Why ? Because the State will – very soon now – have another more lucrative bank to ‘work with’. Right.

    Mr. Johann “JR” Rupert and Co. can soon – very soon now, Please GOD – be PROSECUTED and made to :

    1. “PAY BACK THE MONEY” – STOLEN from the People of South Africa.
    2. “GO TO JAIL” – where they belong.

    Right PK.

    Keep up your Excellent Work for the People PK.

    You are in our Prayers.

    Lord Bless, Michael and Meriel (heart).

    P. S. You will have noticed PK, that it is this racist bank FNb that I am more focused on. It is because I know them, having laid 31 Police Cases against them over the years. However the same ‘Principal/s’ apply to the other 3 BIG banks as well. Right.

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