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BRICS Bank’s African regional opens its doors on Thursday

The BRICS New Development Bank’s African regional centre will open its doors in Johannesburg tomorrow ( Thursday ). President Jacob Zuma will preside over the official launch. The bank which got off the ground in 2015 is an initiative of Brazil, Russia, India, China and South Africa – as the BRICS grouping. It seeks to be an alternative to traditional western lenders such as the IMF in funding developmental projects. Devan Murugan spoke to the Bank’s president, KV Kamath ahead tomorrow’s regional launch and asked him about the delays in opening the African office and the denomination of lending in the raising of funds.

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