New Development Bank Archives - Jean-Jacques Cornish https://jjcornish.com/tag/new-development-bank/ The low down on African affairs Wed, 08 Jul 2015 22:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/jjcornish.com/wp-content/uploads/2020/05/cropped-Fountain_Pen_favicon-812.png?fit=32%2C32&ssl=1 New Development Bank Archives - Jean-Jacques Cornish https://jjcornish.com/tag/new-development-bank/ 32 32 Zuma wants something tangible from BRICS summit https://jjcornish.com/2015/07/zuma-wants-something-tangible-from-brics-summit/ Wed, 08 Jul 2015 22:00:00 +0000 https://jjcornish.com/2015/07/zuma-wants-something-tangible-from-brics-summit/ The operationalisation of the $100-billion the New Development Bank is the focal point of the leaders of Brazil, Russia, India, China and South Africa sitting down at their summit today. Each of them have a specific goal for their people as they face growing challenges in their role as the planet’ s fastest developing economies. […]

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]]> The operationalisation of the $100-billion the New Development Bank is the focal point of the leaders of Brazil, Russia, India, China and South Africa sitting down at their summit today.
Each of them have a specific goal for their people as they face growing challenges in their role as the planet’ s fastest developing economies.
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President Jacob Zuma is looking to bring back tangible benefits to his people when he comes ome from the remote Russian city of Ufa.
In effect he’s representing the whole of Africa at the BRICS summit – the continent that accounts for a mere two percent of global economic output.
So he’s expecting the BRICS bank to become an alternative source of funding for the infrastructure projects necessary to change the picture
Real improvement, however, will depend not on the new bank or any other but on the political will and Africans giving themselves democratic ability to open markets and compete.

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