The New Development Bank planned to lend as much as R8-billion ($600-million) more in South Africa this year in an effort to level the playing field among its five member states, Bloomberg reported. “Our aim is to be equitable among our five members,” NDB President KV Kamath told the news group. “If you look at the $4bn we will be doing this year, we should be lending around $800m” in each nation, he said. “I hope this year, we will hit that number.”
South Africa’s key finance track priorities for the BRICS Summit will be presented by Finance Minister Nhlanhla Nene at a high level meeting in Johannesburg on 24 July 2018, a day before the country hosts the tenth BRICS Summit in the city. New Development Bank president KV Kamath will talk about the latest developments at the bank, while Reserve Bank governor Lesetja Kganyago will present South Africa’s key priorities related to the work of the IMF Policy Committee. Also on the agenda are the implications for African and developing countries of the changing global geo-economic context.
A project portal, designed to connect projects in BRICS member states, was launched in Johannesburg on 11 July 2018. The portal will act as a vehicle for project owners to meet potential funders and sponsors. This initiative was launched by the BRICS Business Council Infrastructure Working Group.
SADC ministers of finance agreed on 10 July 2018 that regional integration within the finance and investment sector should be deepened. At their meeting in Ekurhuleni, South Africa, they also emphasised the need to develop the financial sector by, among other things, centralising the bond markets in SADC.
Policy choices made today can have important positive effects on future living standards, according to new long-term economic scenarios released by the OECD. With “business-as-usual” without significant reforms, living standards in the BRIICS countries (Brazil, Russia, India, Indonesia, China and South Africa) grow faster, but decelerate from the 6 per cent annual growth achieved over the last decade to just more than 2 per cent by 2060, leaving them at less than half the level seen in the leading countries.
Africa needs development strategies that are more coherent and that prioritise improved public action to stand up to the challenges of growth, jobs and inequalities prompted by the continent’s remarkable emergence, according to the first issue of a new joint report by the African Union Commission and the OECD Development Centre.
International stakeholders presented research on research matters relating to the six Information For All Programme priority areas. The objectives of the conference were to create a platform for the IFAP policy dialogue and to support the development of sustainable partnerships in BRICS, African countries and the Asia/Pacific Region.
The GEGAfrica project has been funded by UK aid from the UK government; however the views expressed do not necessarily reflect the UK government’s official policies.