OPINION: The New Development Bank (NDB) is set to contribute to the reconstruction of the South African economy, as the process will hinge upon the success of the infrastructure investment drive, writes Ashraf Patel.
The looting and violence, together with the chaotic Covid-19 vaccine rollout programme and recovery over the past 18 months, can be described as sub-optimal, peppered with multiple cases of mismanagement in procurement and a general lack of an effective integrated government.The latest IMF growth forecast is especially sobering. The IMF forecasts that South Africa’s real GDP will grow by 4% in 2021 and 2.2% in 2022 – well below global benchmarks.
As a member of forums such as the G20, BRICS and the AU, South Africa can do much better at being a role model for a successful and inclusive development and recovery programme. Ambitious plan announced by President Cyril Ramaphosa to attract R1.2 trillion in foreign capital can be aided by the financial institute of the BRICS grouping.
At a BRICS foreign ministers’ meeting in June, foreign ministers noted with appreciation the role of NDB in infrastructure and sustainable development financing to combat the pandemic. For instance, this year the NDB approved the restructuring of the Fundo Clima $500m loan in Brazil. The project’s goals are to contribute to climate change mitigation and adaptation investments in various sectors, such as urban mobility, waste treatment and renewable energy.
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