NDB to play role in post COVID-19 recovery

0
234
FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo
FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo

The New Development Bank (NDB) has made significant progress since inception and is expected to play an important role in the post COVID-19 recovery, said experts on Wednesday.

The chairperson of South African BRICS Think Tank Siphamandla Zondi made the remarks on Wednesday while speaking at the webinar to discuss the role of the NDB and how it finances development in a post COVID-19 world.

“Since the establishment of the NDB, BRICS has positioned itself to lead in the use of development finance as an instrument for harnessing new economic production, new value chains, new role players including the use of new technologies to achieve higher and more inclusive levels of growth,” said Zondi who is also professor of politics and international relations at University of Johannesburg.

Li Yijun, from research department of China Development Bank, said the NDB should use the country system to help BRICS countries to recover from COVID-19. She said the NDB should assist in project planning, work with countries to align with development plans and good governance.

“NDB can’t resolve all the problems but can play an important role to help connect developmental banks for more funding and investment. NDB will continue to play a vital role in investment in sustainable growth,” Li said.

African economist Jaya Josie said the NDB is expected to contribute in the recovery of BRICS countries and countries of the Global South.

“The NDB responded swiftly and came up with flexible and support programs to mitigate against COVID-19. The NDB has shown strength in pulling through the crisis,” he said. Enditem

LEAVE A REPLY

Please enter your comment!
Please enter your name here