Access to finance for developing countries is imperative: Godongwana

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 (NDB) in Cape Town yesterday.

The NDB aims to provide financing to BRICS member states and other emerging markets.

This is the first meeting in which new members, Bangladesh, the United Arab Emirates and Egypt are in attendance.

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.

He says, “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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