The New Development Bank is an initiative of the BRICS (Brazil, Russia, India, China and South Africa) countries. The purpose of the initiative is to mobilise resources for infrastructure and development in the emerging economies of developing countries.
Decisions were made during last week’s summit
President Cyril Ramaphosa revealed the financial assistance in his weekly newsletter to the country. According to Ramaphosa, the financial injection is being used to fight the pandemic and to support SA’s economic recovery.
“BRICS countries agreed to deepen cooperation to fight COVID-19 and mobilise the political support and financial resources needed to respond to future pandemic preparedness. There has also been substantial cooperation with our BRICS partners in securing personal protective equipment and cooperation around vaccine access and distribution,” he said.
During last week’s BRICS summit, the countries also agreed to establish a virtual BRICS Vaccine Research and Development Centre. A BRICS Integrated Early Warning System to “forecast future outbreaks of infectious diseases” will also be established. Ramaphosa added that countries also agreed to further deepen ties in various sectors as countries move towards economic recovery.
“BRICS partners agreed to strengthen collaboration in catalytic sectors such as energy, IT, science, technology and innovation, agriculture and the green economy. These are all important sectors identified in our Economic Reconstruction and Recovery Plan announced last year. Cooperation with other BRICS countries, particularly in the field of innovation research, will help to accelerate our country’s industrialisation and help us meet our Fourth Industrial Revolution aspirations,” he said.
BRICS has been assisting SA for the past 11 years
The President once again stated that for the past 11 years, BRICS has been and remains “of immense strategic importance” for SA.
“Being a member of BRICS has enhanced our position as an important emerging economy. It has given us access to policy and technical expertise of larger and established economies, as well as access to the support of the National Development Bank.
“It has strengthened our activism on the global stage, particularly around reform of multilateral institutions. We have benefitted from being part of a collective voice striving to advance a world order based on mutual respect and the equal sovereignty of nations,” President Ramaphosa said.
Media Statement: New Development Bank helps SA fight against COVID-19