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Statement on the launch of the New Development Bank (NDB) Africa Regional Center

The African National Congress (ANC) welcomes the launch of the Africa Regional Center of the New Development Bank - also known as the BRICS Bank. The entity was officially launched in a ceremony in Sandton yesterday by Comrade President Jacob Zuma.

The ANC views South Africa's membership of the BRICS as a vital means by which we may hasten the transformation of systems of global governance, and realize a truly inclusive, globalized economy as outlined in our International Relations discussion document considered at the recently convened National Policy Conference (NPC).

For too long the developing countries of the Global South have found themselves beholden and indebted to international financial institutions such as the World Bank and International Monetary Fund (IMF) who place onerous lending conditions with far-reaching social and political ramifications. This has historically hampered the ability of these countries to pursue pro-development policies in the best interests of their citizens.

The New Development Bank will enable African and other BRICS countries to access lending facilities to undertake amongst other things infrastructure investment in crucial sectors like energy, water and transportation. This will grow economies and vastly improve living standards for citizens.

The ANC is committed to the realization of a just, equitable, non-racial, non-patriarchal, diverse, democratic and equal world system; and to this end we echo sentiment expressed by President Zuma in his opening address that this is 'a critical milestone not only for South Africa, but for the African continent as a whole.'

The launch of the bank furthermore 'underlies the BRICS commitment to the development of the African continent and emerging markets.'

The ANC further welcomes the move by the Bank towards expanding its membership to non-BRICS developing nations.

South Africa's hosting of the Africa Regional Center will further strengthen South Africa's efforts advance our continental vision of "an integrated, prosperous and peaceful Africa, driven by its own citizens and representing a dynamic force in the international arena."

Issued by

Edna Molewa
Chairperson: ANC NEC SubCommitee on International Relations

Enquiries:

Zizi Kodwa 082 330 4910
Khusela Sangoni 072 854 5707