President Zuma launches Brics Development Bank

The launch of the African Regional Centre of the Brics bank is currently underway in Sandton with President Jacob Zuma addressing delegates at this ceremony.

According to EWN reporter Clement Manyathela, President Zuma said that the opening of the African regional Bank is a turning point for South Africa and the African continent.

He says as the government of South Africa they have great expectations for this regional office. They are hoping this office would be able extend its core focus and be able to offer loans to countries that qualifies for the loans.

Clement Manyathela, EWN reporter

He spoke a lot about the infrastructure gap in the African continent and how this regional centre will be focusing a lot on that.

Clement Manyathela, EWN reporter

Manyathela says Zuma wants the bank to start procedures to consider new members and finalise guidelines for new loans.

The bank has already given Eskom a loan of R2.6 billion in 2016 but that loan has since been frozen.

To hear more of this report by Clement Manyathela, listen below:

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