New Development Bank key to global trade transformation, African growth, says Dr Iqbal Survé

The New Development Bank (NDB) plays a pivotal role in global trade and Africa’s development, Independent Media chairman Dr Iqbal Survé said in an interview with IOL ahead of the NDB’s annual meeting in Cape Town.

Dr Survé emphasised the bank's transformative potential, particularly for Africa and South Africa.

He highlighted the NDB's creation as a response to the limitations of traditional Western-dominated financial institutions. He believes that the NDB offers a more inclusive and flexible approach to financing, better suited to the unique needs of BRICS nations and other developing countries.

According to Dr Survé, this flexibility positions the NDB as a crucial tool for reshaping global trade dynamics and supporting long-term development goals.

He also shared his insights on the BRICS common currency. He views this currency not as a competitor to the US dollar or euro but as a means to facilitate seamless trade within the BRICS bloc, reduce transaction costs, and minimize exchange rate risks. Drawing a parallel to the euro, Dr Survé suggests that a similar approach could strengthen the BRICS nations' collective economic influence.

He was particularly passionate about the NDB's role in advancing Africa’s development. With new African members like Egypt, Ethiopia, and South Africa joining BRICS, he sees an opportunity to channel NDB resources into critical infrastructure and sustainable development projects across the continent. The NDB's focus on sectors such as energy, transportation, and water management aligns perfectly with Africa’s needs, and Dr Survé argues that the bank provides an alternative to the restrictive and politically influenced loans from Western institutions.

For South Africa, the NDB's impact is already evident in the form of job creation, improved infrastructure, and enhanced access to essential services like clean water and electricity. Dr Survé also noted the strategic importance of South Africa's involvement in the NDB, which enhances the country's influence in global financial discussions and offers potential benefits from a BRICS common currency.

Dr Survé envisions the NDB as a catalyst for a more equitable and prosperous world, with the power to reshape global trade, drive development across Africa, and deliver substantial benefits to South Africans. As the NDB continues to support critical infrastructure projects and foster economic cooperation within the BRICS bloc, it is poised to play a crucial role in the economic future of Africa and the broader global economy.

The NDB annual meeting takes place from August 29 to 31, 2024.

IOL