Russian Foreign Minister Sergey Lavrov confirmed on Thursday that Africa is a top priority on the (NDB) BRICS New Development Bank’s agenda for 2018.
He said: “The New Development Bank is just starting its operation but it will soon work in full swing. Projects discussed at the initial stage pertain only to the territory of five BRICS countries. Potential projects outside BRICS is the next stage. However, special attention will be clearly paid to the African continent because an office of the BRICS New Development Bank is situated in South Africa,” he said.
Talks on establishing the bank were discussed came in Fortaleza, Brazil on 15 July 2014. According to Tass.com, the NDB’s starting capital was set at $100 bln. With its headquarters in Shanghai, China, the bank was brought about as a means to finance BRICS and emerging market infrastructure projects and projects for sustainable development.