NDB and BRICS Business Council co-host business breakfast in Durban in the run-up to BRICS Summit in South Africa
On 23 July 2018, the New Development Bank (NDB) and BRICS Business Council (BBC) co-hosted a Business Breakfast in Durban, South Africa. Participating in the event was Mr. Sihle Zikalala, the Acting Premier of KwaZulu-Natal Province of South Africa, members of the Bank’s management, heads and members of national Chapters of the Council, business leaders and other honorable guests. The Breakfast was focused on discussing investment opportunities and perspectives for strengthening cooperation between the NDB and BBC.
The NDB was established by the five BRICS nations to invest in and promote financial cooperation among them, and the Bank has one of the highest ratios of paid-in capital to subscribed capital (20%) amongst all multilateral development banks, underlined Mr. Leslie Maasdorp, NDB VP & CFO. The NDB is exploring opportunities in local capital markets of its member countries as well as global capital markets, aiming to obtain and maintain the highest possible credit rating, he said.
In his speech, Mr. Xian Zhu, NDB VP & COO highlighted that the Bank is looking forward to working closely with the BRICS Business Council and expressed confidence that cooperation between the NDB and BBC would contribute to identifying and implementing bankable projects, including public-private partnerships projects. The NDB is striving to have a balanced portfolio across our member countries, and by the end of 2018, the Bank’s project approval book could reach about USD 7.5 – 8.0 billion, he added.
“We are keen to promote a long lifespan guarantee mechanism between the BBC and NBD so that future communication between the two parties will not be affected by the rotation of presidencies, personnel changes or any other factors. It goes without saying that stable and efficient long-term cooperation is key to the sustainability of any financing instrument. The MOU on strategic cooperation signed between the NDB and BRICS Business Council in 2017 is an excellent basis for such cooperation, which we continue to build upon,” said Dr Iqbal Survé, Chairman of the BRICS Business Council and founder and Chairman of the Sekunjalo Group.
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014 with an initial authorized capital of USD 100 billion. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. The Bank’s headquarters is located in Shanghai, China.
The BRICS Business Council is a platform aimed at strengthening and promoting economic, trade, business and investment ties between the business communities of the BRICS countries. The Council is composed of 25 prominent entrepreneurs from Brazil, Russia, India, China and South Africa, representing various industries and sectors in the BRICS nations.