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New BRICS bank crucial to African economic development

         Date: 2012-04-01

           Tag: African economic, African economic development

Summary: The remark was made by Frontier Advisory (FA) CEO Martyn Davies in an interview after a seminar organized by his company in conjunction with Johannesburg Stock Exchange (JSE).

With the establishment of a development bank to be on the agenda in the Fourth BRICS Summit on March 28 and 29, South African Frontier Advisory (FA) Tuesday said the creation of the new BRICS bank will be crucial to Africa.

The remark was made by Frontier Advisory (FA) CEO Martyn Davies in an interview  after a seminar organized by his company in conjunction with Johannesburg Stock Exchange (JSE).

"Within the BRICS group, governments are seeking tangible areas of collaborations, clearly one is its development bank. The point of BRICS bank is a very noble venture," the CEO said.

"It will be very beneficial, particularly to the sub -Saharan Africa, to the whole Africa continent," Davies added.

The seminar with a theme of "The Commercial Strategies of Emerging Markets and New Emerging Multinationals in Africa" held at JSE was attended by senior bankers and business officials from Brazil, China and India investing in Africa.

It was set to explore experiences, challenges faced by companies from the BRICS and other emerging markets operating in Africa. It was also aimed to share ideas on how emerging markets can advance investment in Africa.

Davies said the challenge on the BRICS bank establishment will be on aligning respective interest of all members and risk management.

"I think the challenge is the creation of efficient bureaucracy through which capital will be deployed into infrastructure development, particularly in Africa," Davies said.


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