WINDHOEK- President Hage Geingob has welcomed the establishment of the New Development Bank as an alternative source of financing for major infrastructure and related projects, especially in Africa.
Geingob who attended the just ended 10th BRICS Summit made the remarks while addressing delegates in Johannesburg on Friday.
On the last day of the three-day summit, BRICS leaders met with invited African leaders and some heads of states from the Southern African Development Community (SADC) as part of the BRICS Outreach Dialogue.
Geingob said he hopes the New Development Bank, formerly referred to as the BRICS Development Bank, will breath new life into the continent’s development aspirations.
“It is our wish that this New Development Bank will have a different character than the banks we know. Affordable financing, with less conditions, will go a long way in assisting Africa accomplishing its
industrialisation and economic development goals and aspirations,” said Geingob.
Geingob also used the opportunity to thank South African President Cyril Ramaphosa for extending an invitation to African leaders to be part of ‘this important summit.’
He said the noble gesture is in line with the continent’s Agenda 2063 that envisage a strong industrialised Africa that will be on equal footing with other regions of the world.
Geingob said the new areas proposed by South Africa on peacekeeping, collaboration in vaccine research, improved gender representation and inclusive growth models within the context of the 4th industrial revolution are timely and relevant.
“The new realities of the fourth industrial revolution that is characterised by artificial intelligence, robotics and alternative means of production is something that we should pay particular attention to,” he said.
He added in this new stage of the evolution of humanity, labour, as we know it today will not be the same.
Geingob said, developing nations and Africa in particular will be challenged due to young and bulging populations.
He said the only way to overcome this challenge will be through continuous capacity building, exchange of ideas, retraining and retooling of young people.
“Africa counts on the support of BRICS in this regard,” said Geingob.
“Russia, India and China, stood by Africa during our liberation struggles. It is therefore, heartwarming that without exception all BRIC members, including South Africa have in various ways declare their strong support towards Africa’s economic emancipation,” he said.
Just two days ago, Geingob said, India Prime Minister Narendra Modi, in his address to Uganda’s Parliament renewed India’s commitment towards Africa.
Geingob said in terms of India’s ten guiding principles, Africa will always be at the heart of the country’s priorities.
He said China has equally prioritised Africa under the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) arrangement that will convene again in China during the first week of September.
Similarly, he said Russia under the Soviet Union has always been on African side.
“It is good to know that Africa has strong, trusted and reliable partners in the next stage of our development trajectory,” said Geingob.
New Era Reporter
2018-07-30 09:15:34 | 2 years ago