JOHANNESBURG - The BRICS (Brazil, Russia, India, China, South Africa) bloc of countries has officially launched the Africa Regional Centre of the BRICS New Development Bank (NDB) in Sandton.
The BRICS bloc of countries has signed the Agreement establishing the New Development Bank at the Sixth BRICS Summit in July 2014 in Brazil.
The Seventh BRICS Summit marked the entry into force of the Agreement on the New Development Bank.
The NDB headquarters were officially opened in Shanghai, China in February 2016.
President Jacob Zuma has presided over the official launch of the Africa Regional Centre of the BRICS New Development Bank (NDB) in Sandton, Johannesburg today.
Another key resolution taken at the Summit was to establish regional offices that would perform the important function of identifying and preparing proposals for viable projects that the New Development Bank could fund in the respective regions.
-BUSINESS REPORT ONLINE