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'Africa to break chains imposed by global institutions'

'Africa to break chains imposed by global institutions'

Free State Premier Ace Magashule has welcomed the launch of the BRICS New Development Bank’s Africa Regional Centre.

Magashule said the centre’s launch by SA president Jacob Zuma is historic for the African continent.

“The centre, based in Sandton, Gauteng, shall serve as an opportunity for Africa and other countries of the South to break away from the chains… imposed by global institutions… whose conditions on loans advanced often impede developmental objectives of many developing nations,” said the Premier.

The NDB said the centre will be the face of the bank in Africa.

“The BRICS Bank shall provide needed access to funding for African and BRICS countries to enhance infrastructure investment for growth and development,” said the Premier.

At the launch, President Zuma said he was pleased with the progress the bank has made in the two years of its existence. This includes the signing of the founding agreement of the New Development Bank, which paved the way for the opening of the bank’s head office in Shanghai, China. The issuance of the first set of loans – amounting to US $1. 5 billion dollars (approximately R20 billion) in total – to fund renewable energy projects in member countries is also a significant achievement.

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