Finance Minister Enoch Godongwana has emphasized the critical need for the New Development Bank (NDB) to maintain its integrity and financial sustainability as it celebrates its 10th year. During this milestone, Godongwana highlighted the necessity for member countries of the so-called BRICS bank to align over shared development goals.
He pointed out the pivotal role the NDB could play in assisting developing and emerging markets to close the substantial gap in infrastructure financing, which has been hindering growth across the continent.
This call for action coincided with a meeting of the bank’s governors in Cape Town, where logistics company Transnet secured its third loan from the NDB to revitalize its struggling sector.
Godongwana advocated for a reaffirmation of the bank’s commitment to global partnership and cooperation, stating, “However, if the bank is to continue advancing the interests of the developing world and address challenges such as renewable energy, infrastructure development, digital access, and job creation, then the NDB must make a concerted effort to speed up disbursements of approved projects.”
As more African countries join the bank, Godongwana sees a significant opportunity for the NDB to contribute to sustainable development through crucial infrastructure projects.
Transnet’s recent R5 billion loan increases the total to 14 loans from the NDB to South Africa since 2016, covering sectors such as transport, clean energy, water and sanitation, and digital infrastructure.
Godongwana further urged the bank to better synchronize its development efforts with the national priorities of its member countries.
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