New Development Bank to open first Joburg office

On Thursday this week, President Zuma will oversee the launch in Sandton of the African Regional Centre of the New Development Bank (NDB).

Kundapur Vaman Kamath (pictured), New Development Bank president, will join the proceedings, as will various cabinet ministers and NDB executives.

National Treasury said in a statement:

"Another key resolution taken at the 2014 Brics summit was to establish regional offices that would perform the important function of identifying and preparing proposals for viable projects that the Bank could fund in the respective regions."

The first of these will be set up in Johannesburg, with the launch of the African Regional Centre showcasing the NDB's service offering, as well as demonstrating the role it can play in infrastructure and sustainable development in emerging and developing countries.

The Brics countries are made up of Brazil, Russia, India, China and South Africa; all of which signed an agreement in July 2014 in Brazil to establish the NDB, also called the Brics bank.