South Africa is expected to be the regional centre of the New Development Bank of Brics by the end of 2016.

This was announced by Finance Minister Pravin Gordhan during a business breakfast hosted by the Johannesburg Chamber of Commerce and Industry in partnership with Ernst and Young.

“At about the same time...an African regional centre would be established in South Africa. The purpose of the regional centre will be to address investment in the continent...before the end of the year we should have the regional centre somewhere in Johannesburg. There will be some staff that will be there. The first project proposals...will be invited for submission to the New Development Bank‚” said Gordhan.

This month‚ the New Development Bank‚ established by Brics countries Brazil‚ Russia‚ India‚ China and South Africa‚ officially started its operation by announcing its executive management and signing its first agreements‚ which included a $180-million loan to Eskom.

Gordhan said the Brics countries were already looking for other nation partners who would join the organisation to further intensify development in the developing economies. – TMG Digital