International Relations Minister Naledi Pandor says they are pleased with the progress the New Development Bank, formerly known as the BRICS bank, has made.
The bank’s purpose is to mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries.
Pandor was addressing the media after a two-day meeting of BRICS foreign affairs and international relations ministers in Cape Town.
The meeting was in preparation for the heads of state summit in August, in Johannesburg. Pandor says the bank has grown significantly over the past few years.
“We’re particularly thrilled it maintained its very excellent financial rating, also role, as was aspiration, to provide support for development programmes in [our] own countries but also member countries. hoped to develop different kind of financial institutions that really would be committed to addressing matters of socio-economic development.”