New Development Bank: Godongwana calls for more investment from the private sector
|Published
The 9th Annual Meeting of the New Development Bank (NDB) began on Friday in Cape Town with a number of dignitaries and world leaders in attendance including Finance Minister Enoch Godongwana and the President of the NDB, Dilma Rousseff.
Godongwana welcomed the guests and said South Africa was honoured to host the 9th annual meeting.
He emphasised the theme of this year's meeting, which is “Investing in a Sustainable Future” in BRICS Nations.
He said that more work needs to be done to strengthen the Bank’s position as a global institution.
The minister said that NDB’s main function is to address the geopolitical challenges evident in emerging markets, such as poverty and unemployment.
Godongwana said that the Bank is an important partner, perhaps the most relevant partner for emerging markets when it comes to addressing these issues.
The meeting will send a strong message to world nations that the NDB is committed to addressing the Sustainable Development Goals (SDG), set out by the United Nations, the minister explained.
Mobilising private sector investment
The NDB has another major responsibility, driving more private investment by global multinational corporations in BRICS nations, Godongwana said.
The hope is that the NDB will continue to play a major role in fostering this drive and responsibility to address key areas like green energy, digital transformation and infrastructure development, the minister said.
Godongwana called for more investment and collaboration by the private sector to ensure this fruitful development.
Specifically, the minister said that South Africa is committed to making this happen with the help of the Bank to ensure development and create sustainable change.
Rousseff told delegates that she was proud to be in South Africa and reiterated Godongwana’s commitment to addressing SDGs in BRICS nations.
She specifically added that the NDB is steadfast in its journey to addressing these issues as set out by the UN.
The president called for more engagement and support from the private sector, civil society, governments, and individuals to help the NDB address these major development goals.
Moreover, Rousseff said that emerging markets like South Africa need new forms of finance solutions and noted that putting local currencies first was a priority.
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