The New Development Bank, established in 2014 by BRICS, had made tremendous progress, bank president Kundapur Kamath told a sitting of the bloc’s heads of state during the tenth summit. “The bank is now fully operational and is in a rapid, though prudent, growth phase.” To date, it had approved 23 projects worth about $5.7-billion in its member countries.
While the RDF has the potential to make the SADC region more self-sufficient when it comes to its infrastructure development plans and initiatives, we have seen how a number of obstacles might complicate the full operationalisation of the Fund. Governments must move beyond talk if they are to realise their vision of a more economically agile and trade-friendly region.
An assessment of SADC’s current infrastructure financing challenges is important in determining how the RDF can better support infrastructure development within the region.
All SADC governments recognise that infrastructure development is crucial for creating momentum in their economies, which will help to swell the number of sustainable jobs and alleviate poverty.
Ambitious plans have been formulated in recent years to put the African continent onto a more sustainable economic development path, with industrialisation as the focal point.
Invitation to Participate in A Dissemination Event on Gender Mainstreaming Across Africa: An Exploration of Rwandan Solar Energy Initiatives and South Africa’s Reippp Programme
GEGAfrica Discussion Paper, July 2018
South Africa set its targets for the BRICS Summit it is hosting at a roundtable discussion held at the Invest SA One Stop Shop in Johannesburg on 19 July. “BRICS must deliver to the people. It must speak to our national priorities, our domestic interest of addressing unemployment, poverty and inequity in our societies,” said BRICS ambassador Anil Sooklal, tabling peacekeeping, the establishment and launch of a BRICS Women’s Forum, a key focus on the Fourth Industrial Revolution and the development of the needed skills as top of the country’s agenda.
Chinese experts said the BRICS summit would focus more on uniting members and deepening their industrial co-operation amid the common threats of protectionism and unilateralism, Global Times reported. Chen Fengying, a research fellow at the China Institutes of Contemporary International Relations, told the news group that “this year’s summit comes at a crucial time when many emerging economies are facing pressure and challenges from US unilateralism and protectionism”.
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.