Brics willing to finance South African SOEs

The BRICS New Development Bank, a multilateral development bank established by the BRICS states – Brazil, Russia, India, China and South Africa, has said that it is open to funding South Africa’s state-owned enterprises (SOEs). This after several privately owned institutions announced recently that they would stop lending money to state entities.

According to a report by the SABC, Leslie Maasdorp (pictured), vice president of BRICS bank, said that South Africa's SOEs are free to approach the lender for assistance. Maasdorp added that the institution was set up to help member states, which included their public enterprises.