BRICS bank will fund African projects ‘immediately’, says Zuma

The development bank planned by the BRICS group—Brazil, Russia, India, China and South Africa—is expected to start funding projects in Africa in the latter half of 2015, South African president Jacob Zuma has told Parliament.

Responding to the presidency budget vote debate on 27 May, Zuma told MPs that African countries and projects would benefit as soon as the bank is operational.

“The African Regional Centre, upon commencement of business, will immediately be open to consider projects on the continent,” he said.