Mashatile to address ninth annual meeting of the New Development Bank

Deputy President Paul Mashatile will this morning address the ninth annual meeting of the New Development Bank (NDB) in Cape Town.

The theme of the meeting is, ‘Investing in a sustainable future’.

The aim of the NDB is to provide mainly infrastructure financing to BRICS members and other emerging markets.

Mashatile will take part in the session that will discuss the exchange of knowledge exchange and collaborative problem-solving, which would generate pragmatic and implementable solutions.

According to the Presidency, Mashatile is expected to outline a series of interventions and energy sector reforms by government, aimed at helping the country achieve a sustainable energy future.

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Meanwhile, Finance Minister Enoch Godongwana says access to concessional development finance for developing countries is imperative for inclusive growth that would create economic opportunities for all.

Godongwana was speaking at the opening of the ninth annual meeting of the New Development Bank in Cape Town on Friday.

This is the first annual general meeting in which new members – Bangladesh, the United Arab Emirates and Egypt are attending.

The bank has granted South Africa 13 loans for various government projects since 2016.

Godongwana says the bank must implement innovative financing instruments to rope in private sector participation.

“In addition, there is a need for sizeable increases and greater stability in the flow of private capital investments. The NDB can play an essential role in mobilising private investment and ensuring it flows where it is needed most.”

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