The African Development Bank Secretary General joined South African leaders, this week, to highlight investment opportunities of enlarging BRICS alliance.
This took place at various meeting held by the Development Bank, titled “Building Resilient African Economies in the Face of Global Shocks.”
Prof. Vincent O. Nmehielle, spoke about infrastructure and investment deficit on the African continent. He was addressing a BRICS Business Breakfast, hosted by the South African Chapter of the BRICS Business Council, Brand South Africa and the Secretary General of the African Development Bank Group.
Nmehielle said there is an investment deficit of between $70 to $100 billion annually.
He said BRICS Plus can play a significant role to address this gap.
He further emphasised the importance of collaboration between the New Development Bank, the African Development Bank, and the United Nations in jointly identifying, preparing, and co-financing projects in countries of mutual interest.
BRICS, a grouping of Brazil, Russia, India, China, and South Africa, has recently expanded its membership, to take in new African members Egypt and Ethiopia, as well as Iran, Argentina among others. The expansion, known as BRICS Plus, is strengthening the ties between BRICS and Africa.