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Thursday, 14 September 2017 17:27

BRICS: Stronger Partnership – Brighter Future Featured

Written by GEGAfrica
  Photo © GCIS/Flickr Photo © GCIS/Flickr

Leaders of the BRICS countries recently met for the group’s 9th summit in Xiamen, China.

The theme of this year's summit was ‘BRICS: Stronger Partnership for a Brighter Future’. Read the Leader’s Declaration.

Central to this partnership is the New Development Bank (NDB). Established by the group in 2014, the NDB is forging ahead to support the development of sustainable infrastructure in the BRICS and other developing countries.

Developing countries have for decades experienced a number of key challenges in working with traditional multilateral development banks, including the World Bank and the African Development Bank. Heeding the call from developing countries to address some of these challenges, the NDB aims to introduce new ways of facilitating infrastructure finance, including a Use of Country systems (UCS) approach.

The GEG Africa programme recently undertook an extensive study on UCS by traditional multilateral development banks, with a specific focus on South Africa, Morocco and Kenya, which sought to identify lessons learned from the experiences of these countries:

•    Informing the approach of multilateral development banks to use of country systems

•    The New Development Bank as an advocate of country systems

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