The official launch of the New Development Bank, also called the BRICS Bank's Africa Centre by His Excellency President Jacob Zuma yesterday is an historic milestone for Africa as well as for the global economy.

The Centre, based in Sandton, Gauteng, shall serve as an opportunity for Africa and other countries of the South to break away from the chains of economic slavery imposed by global institutions like the World Bank and the International Monetary Fund, whose conditions on loans advanced often impede developmental objectives of many developing nations.

The BRICS Bank shall provide needed access to funding for African and BRICS countries to enhance infrastructure investment for growth and development.

 

Issued by Free State Office of the Premier