Brics Bank needs at least U$90 trillion by 2030 for infrastructure

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Institutions such as the Brics New Development Bank will need at least U$90 trillion by 2030, to deal with the global sustainable infrastructure. Currently, they are spending between U$2, 5 and U$3 trillion for infrastructure development.

These startling figures were divulged at the 4th annual New Development Bank (NDB) meeting in Cape Town.

Finance Ministers and bankers from the Brics countries have identified sustainable infrastructure development as key to economic growth and poverty reduction.

Bank of Southern Africa (DBSA) Chief Executive Patrick Dlamini says the need for the development of infrastructure has never been as urgent as it is today.

Since its inception three years ago, the NDB has splurged over U$8 billion on infrastructure development among its five member countries.

However, civil society groups from these nations say it runs the risk of committing the same mistakes the World Bank & the International Monetary Fund committed.

Oxfam SA Marian Goldman says the NDB has become very secretive in the manner in which it sends its resources and that it carries out developments without consulting the people who are supposed to be the beneficiaries of those projects.

The NDB and local commercial banks committed themselves to mobilising more resources for infrastructure and sustainable development projects.

Their meeting ended in Cape Town on Tuesday.