The New Development Bank, also known as the BRICS Bank, sees various opportunities in South Africa and will scale up its projects over time, according to its president, KV Kamath.
There is a"fair pipeline" for the rest of the year, expected to total about $2.3bn for the country."We believe in what we can do for SA," he said.Kamath said the bank is fully operational in all its member countries, namely Brazil, Russia, India, China and South Africa. It only gives loans to member countries.
The bank, established in 2014, has $5bn of capital derived from its members. It has so far approved 30 loans, 17 of which were approved last year, to a value of $4.6bn. According to Kamath, being able to issue loans in rand is"imminent". The BRICS bank is, therefore, looking to list a rand bond on the JSE this year.
Fin24 Rand Bonds? The paper will cost more than the bond is worth. PS Brics is the next ANC theft on as grand scale.
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Brics bank to kick off SA meetings after granting R11.2bn loan to EskomThe focus of the meetings will be to explain the New Development Bank’s mandate to investors, CEOs and boards of state-owned entities Eskom should NOT be granted further loans until it can proof that it will be going concern (profitable and servicing its loans incl capital repayments) which will have to include a reduction in headcount to globally accepted norms. Our_DA address this reckless behaviour!
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: BDliveSA - 🏆 12. / 63 Read more »
Brics bank to kick off SA meetings after granting R11.2bn loan to EskomThe focus of the meetings will be to explain the New Development Bank’s mandate to investors, CEOs and boards of state-owned entities
Source: BDliveSA - 🏆 12. / 63 Read more »