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Moscow expects New Development Bank to operate in African countries

According to Lavrov, BRICS countries are major investors in the African economy now

MOSCOW, March 5. /TASS/. Moscow expects the BRICS New Development Bank (NDB) to operate in African countries, Russian Foreign Minister Sergey Lavrov said in an interview with the pan-African monthly Hommes d'Afrique magazine.

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South Africa picks up the baton of BRICS Chairmanship

"Currently the Bank is at its infancy. We expect it to operate not only in the Republic of South Africa (RSA), but in other countries of the continent in the future, particularly, through the Africa Regional Center (ARC), which was set up last August in Johannesburg," he said.

According to Lavrov, BRICS countries are major investors in the African economy now. "We are satisfied to see African countries being increasingly interested in deepening practical cooperation with the five (BRICS) states," he said.

The agreement on establishing BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The bank’s starting capital was set at $100 bln. The Shanghai-headquartered bank has been established to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

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