7 July 2021 | 12:00 Harare/Pretoria Time / 18:00 Beijing Time
Zoom details: https://zoom.com.cn/j/94366692514?pwd=L05qMFVtVWVycytqZ0c5dG8vZHUzdz09 | IDï¼š943 6669 2514 |
The establishment of the BRICS Development Bank represents an international mechanism of innovation in the field of international development financing and enhances BRICS as an emerging political and economic power. However, the BRICS Contingent Reserve Arrangement is currently insufficient to cope with any economic crises. BRICS as an emerging global superpower derives its strength from the BRICS Development Bank, which is the main key driver of the economy among BRICS member states. In general, it provides loans for infrastructure projects as well as investment and economic stimulus package to the BRICS member states and their regional partners. This support is one among, but possibly the most important, provided through national, regional, and multilateral development banks.
Despite the BRICS Development Bank being the principal driver of the BRICS bloc providing the bulk of financial support for economic growth in the BRICS community of nations, it is exposed to the challenges arising from the COVID-19 pandemic. Nevertheless, it must cope with the demands of the BRICS community. There is therefore a need to strengthen the resilience of the BRICS Development Bank to make a practical contribution in the Global South and beyond.
The key question for the webinar is how the BRICS Development Bank could contribute to the resolution of the economic challenges arising from the pandemic as well as other constraints on development in the Global South so that it could continue to fulfil its developmental mandate, especially its contribution in Africa and other regions in the Global South.