Zuma: Brics bank will promote sustainable development

Zuma presided over the official launch of the bank’s Sandton branch.

FILE: President Jacob Zuma. Picture: GCIS

JOHANNESBURG - President Jacob Zuma has described the opening the Brics Bank as a turning point for South Africa and its development.

Zuma presided over the official launch of the bank’s Sandton branch.

In 2015, he signed into law the New Development Bank Special Appropriation Bill which allowed South Africa to contribute R2 billion from Treasury for the country’s first investment in the bank.

He says having the bank's branch in South Africa will benefit the entire continent.

“This new bank will enable continued fruitful co-operation with our global partners which will help us promote sustainable development through integration, industrialisation and infrastructure development on the continent.”