S.Africa receives funds from BRICS bank, China supports bloc expansion

By Al Mayadeen English
Source: Agencies
21 Aug 2023 10:14
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South Africa secures a $5.27 billion investment from the New Development Bank for crucial infrastructure projects.

A traffic policeman stands watching outside a venue of a BRICS Summit in Sanya, China, Wednesday, April 13, 2011 (AP)

Ahead of the next BRICS summit on 22-24 August, South Africa has secured a substantial injection of funds totaling $5.27 billion from the New Development Bank established by BRICS member countries.

This financial infusion is designated for pivotal projects in road construction, water supply, and energy infrastructure, according to South African President Cyril Ramaphosa's announcement on Sunday.

Speaking to the nation in advance of the upcoming BRICS summit scheduled for August 22-24 in Johannesburg, President Ramaphosa lauded the benefits that South Africa has reaped from the New Development Bank, a multilateral financial institution created by BRICS nations in 2015.

"Our country has been funded by the bank in several infrastructure projects to the value of R100 billion in sectors such as roads, water, and energy," Ramaphosa stated, emphasizing the significance of these investments in the nation's growth.

China affirms commitment to the expansion of BRICS

Furthermore, China has reaffirmed support for the expansion process of BRICS. The Chinese Foreign Ministry's press service said BRICS is an inclusive mechanism and expressed welcoming sentiments for the inclusion of new partners into the fold of the "big BRICS family."

China's commitment to the expansion process also extends to working closely with BRICS partners to strengthen the chair country, South Africa, in organizing various BRICS events, ultimately contributing to the qualitative advancement of BRICS cooperation and fostering global peace, stability, and prosperity.

In anticipation of the BRICS summit, China's endorsement of the expansion process sets the tone for discussions on how the organization can continue to shape international dynamics.