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BRICS bank to open regional office by year end

Xinhua, July 27, 2016 Adjust font size:

South African Finance Minister Pravin Gordhan said on Tuesday that the BRICS New Development Bank's regional centre in Johannesburg will be fully operationally before the end of the year.

Addressing representatives in Johannesburg, Gordhan said,"Before the end of the year, we should have the regional centre in Johannesburg. The first project proposals will be invited for submission to the New Development Bank. This has been a great achievement."

He said the purpose of the regional centre will be to address investment in Africa, boost infrastructural projects which are the hindrance to the economic development in the continent.

"We are pursuing new venture when it comes to funding but learning form the existing multilateral institutions on what to do and what not to do,"said the minister.

He stated that the New Development Bank would open a new chapter for funding the infrastructure in Africa by helping countries in project preparations, making projects bankable and helping implement infrastructural projects until they are completed. Endit