Zuma pledges contribution to BRICS Development Bank

GMT 22:25 2014 Thursday ,24 July

Arab Today, arab today Zuma pledges contribution to BRICS Development Bank

South African President Jacob Zuma
Cape Town - XINHUA

 South African President Jacob Zuma pledged on Thursday that South Africa will make its due contribution to the BRICS Development Bank.
Initially, South Africa's contribution is in the form of paid- in capital of 150 million U.S. dollars, Zuma told MPs during the Presidency Budget Vote debate.
This amount is part of the schedule of instalments agreed to among all members, said Zuma.
When asked about where South Africa would obtain the money to pay its contribution to the capitalization of the bank, Zuma said the capital contributions will come from the fiscus.
"These capital contributions are similar to the ones we make to other multilateral institutions such as the African Development Bank and the World Bank, where we are members," Zuma said.
The Bank will have authorized capital of 100 billion dollars with 50 billion dollars subscribed. All countries will contribute equal capital to the bank.
"It is important to note that the benefits of participating in the new development bank by far outweigh the costs of establishing it," Zuma noted.
At the 6th BRICS Summit in Brazil earlier this month, BRICS countries signed an agreement establishing the New Development Bank (NDB), with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies, as well as other Emerging market economies and developing countries.
The bank will complement existing sources of financing to cater for the ever increasing development needs in areas of energy, rail and road, and other economic infrastructure.

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