BRICS - The African Mirror

Sep

24

2024

China, Africa building bridges towards shared future – Chinese ambassador to SA

THOUGHT LEADERSHIP

AT the recent Forum on China-Africa Cooperation (FOCAC) summit held in Beijing, 51 African heads of state or their delegations attended in person, signifying the importance of the occasion amidst the rapidly changing international world order. Also present were the African Union Commission Chairperson Moussa Faki Mahamat and the United Nations Secretary-General Antonio Guterres. FOCAC is one of the few geopolitical platforms that symbolize the changing landscape of global affairs, alongside BRICS. South-South relations have finally awakened from a long slumber. United in purpose, the Global South has begun to speak in unison without fear of reprisals, recognizing the strength…

BRICS development bank aims to make $5 bln in loans in 2024

BUSINESS

THE New Development Bank (NDB), set up by the BRICS group of emerging economies, aims to make about $5 billion in loans this year, its vice president, Zhou Qiangwu, said. "During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou told Reuters on the sidelines of the annual Boao Forum. Zhou did not elaborate on how the bank may have been off track, but said China and India have received slightly more investment from the bank than other members. Headquartered in Shanghai, the NDB was set up in 2015 by Brazil, Russia,…

World Bank and IMF are Western tools with doomed future

THOUGHT LEADERSHIP

THE managing director of the International Monetary Fund (IMF), Kristalina Georgieva, stated the obvious at a California conference when she lamented the gradual decline of the US dollar in global trade. Addressing the 2023 Milken Institute Global Conference in the US this week, she said: “There has been a gradual shift away from the Dollar, it was 70% of (world) reserves, now it is slightly under 60% .” ABBEY MAKOE Well, the writing has been on the wall for a long while. The US dollar is certainly losing its once unassailable dominance as a kind of an omnipotent world’s main…