African growth and development topped the agenda on Day One of the BRICS Summit. The leaders of the five emerging countries will discuss how to strengthen their cooperation with the emerging African giant.
Apart from meetings with their counterparts, BRICS leaders will meet several African heads of state to talk about more infrastructure projects and the set-up of a new development bank. Analysts say the bank would fill the capital needs of infrastructure projects and spur more growth across the continent. Experts say the set-up of the development bank would channel capital in a more efficient way.
Nandan Unnikrishnan, Vice President of Observer Research Foundation, said, "It will be more sensitive towards the needs of developing nations. And it will be able to provide the necessary fundings for projects and infrastructure and other kinds of projects without necessarily imposing the conditions that the IMF and the World Bank used to impose in the past."
Experts say for other African countries, the fact that South Africa joined the BRICS group has not only served as a motivation but also a platform to learn from the other members Brazil, Russia, India and China. According to a report by the United Nations Conference of Trade and Development, the BRICS countries remain the top investors among all the countries whose funds flow directly into the continent. And Africa is in need of more investment and technology transfers. Analysts say that the funds have helped boost job creation and industry growth.
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