South Africa to host BRICS office in Johannesburg

Q.  New Development Bank (NDB) will channel funding into the African Continent through its office/offices in
- Published on 02 Aug 16

a. Nairobi, Kenya
b. Pretoria, South Africa
c. Johannesburg, South Africa
d. a and b

ANSWER: Johannesburg, South Africa
 
  • South Africa is set to reinforce its position as a regional economic hub as it prepares to open a regional office that would channel funding drawn from the New Development Bank (NDB) of the Brazil-Russia-China-India-South Africa (BRICS) grouping.
  • South Africa’s role would be initially confined within the boundaries of its neighbourhood.
  • NDB’s funding could help reduce Africa’s infrastructure funding gap.
  • NDB funding to Africa could increase if more African members join it after it opens up to new members within the next 20 months.

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