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AfricaMoney | October 19, 2017

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Zuma calls for Brics to create new funding model in Africa

Zuma calls for Brics to create new funding model in Africa

Brazil, Russia, India, China and South Africa (Brics) can help forge a new funding model in Africa where regional projects spanning a number of countries are favoured for finance, said President Jacob Zuma. Brics leaders had earlier pledged to boost support to the continent. Addressing a gathering of Brics and African leaders at Zimbali Lodge in Durban as part of the Fifth Brics Summit, Zuma said a key constraint to funding infrastructure in Africa was that the current development banks were often more geared to funding projects in single countries, rather than those spread across a number of countries.

“The Brics process could lead to a funding model that promotes more multi-country projects and accelerates the pace of regional integration,” he said.

The Brics process could also play a critical role in bringing projects to bankability by providing technical expertise and a lack of funding for project preparation, he said.

Zuma said the continent’s link to Brics and the Brics link to Africa offered a window of opportunity to African countries to boost trade and to industrialise.

“It is up to Africa to ensure that these opportunities are fully utilised and that this dawn leads to the continent truly becoming the next global growth centre,” he said.

He added that Brics countries had agreed to support African growth through infrastructure development, knowledge exchange and support, increased access to technology and investment in human capital.

Brics leaders had earlier pledged their support to increasing co-operation with Africa and boosting investments in the continent.
Addressing delegates and media at the Brics Summit at the ICC in the city, China’s President Xi Jinping said Brics countries should all support Africa’s effort to grow economically by encouraging investments in infrastructure.

Indian Prime Minister Manmohan Singh said the reform of the IMF, World Bank and other global institutions called for by the Brics, would greatly benefit Africa. Singh added that the outcomes of the summit, showed the Brics leaders’ commitment to supporting the African benefit. He said India had a special affinity for Durban as Mahatma Gandhi arrived in the city in 1893 and spent a number of years here.

Brazil’s President Dilma Rousseff said the Brazilian people were keenly aware of the importance that Africa had played in the history of the Latin American country, referring to the millions of slaves that were brought from the continent to Brazil between the 16th and 19th century. Millions of years ago Latin America and Africa were one continent, said Rousseff, adding that Africa was a region in the process of transforming politically and economically, with many opportunities.

Brics delegates also signed accords on co-financing in green investments and infrastructure projects, following address by the respective heads of state.

Image Source: GCIS
Source: South African Government News Agency

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