A robust infrastructure network is critical for the development of any country especially Africa. In developing economies, infrastructural development in the provision of roads, healthcare
, education facilities and energy often meets challenges to struggling governments and that unfortunately cascades to the ordinary person. In the absolute requirement for countries to provide policy, frameworks and the tools needed to facilitate economic growth, comes the need for financial injections to support sustainable development in struggling economies, the New Development Bank has been a blessing in bridging this gap.
Against this backdrop, the New Development Bank hosted its 4th Annual Meeting in South Africa Cape Town on the 1st and 2nd of April 2019. It was the first time for the NDB to organise its Annual Meeting in South Africa and the event ran under the theme of “Partnership for Sustainable Development”, AFRODAD joined various Participants in the meeting that included various like-minded civil society organisations, government officials from; Brazil, Russia, India, China and South Africa (BRICS) and other developing nations, environmental and energy experts, leaders of multilateral and national development institutions, distinguished scholars, prominent bankers and captains of industry.
The aim of the this Annual Meeting was for the New Development Bank to consolidate its four-year history and to plot the way forward towards a sustainable future in partnership with its member countries and other developing nations.
In a keynote address by the Host Country, BRICS Inter ministerial Committee - Co-Chair, H.E N Pandor, she noted that the focus for the meeting was to strengthen collective efforts and partnerships to bridge the infrastructure gap and address development needs of the Bank’s member countries and other emerging and developing countries.
“The current infrastructure investment needs of the bank’s member countries are considerable and it is well known that domestic resources are not sufficient on their own. Thus, the NDB is well-positioned to partner with its member countries and support their policy priorities towards achieving sustainable development.” She said.
Ms Pandor raised concerns of the levels of poverty in Africa highlighting depressing data projections that stipulates that by 2030, 9 out of 10 people that will face abject poverty will be in Sub Saharan Africa.
AFRODAD’s representative to the meeting, Mr Adrian Chikowore highlighted on the side lines that, the meeting also emphasized the need for civil society to be robust and remain steadfast in influencing African governments to curb IFFs so that domestic resources mobilisation is enhanced for the achievement of sustainable financing for development. According to Mr Chikowore, Africa needs to ensure that financing mechanisms such as PPPs should be backed by well thought out feasibility studies that are comprehensive.
The New Development Bank (NDB), currently presided over by K.V. Kamath, is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS), in accordance with an Agreement signed on the 15th July 2014 in Fortaleza, Brazil. The purpose of the Bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. Activities of the Bank complement the existing efforts of multilateral and regional financial institutions for global growth and develop