JOHANNESBURG, Feb. 29 (Xinhua) -- A senior South African official announced Thursday that the country's Cabinet has approved the hosting of the ninth annual meeting of the New Development Bank (NDB) in South Africa in June this year.
It has been 10 years since BRICS countries signed the Articles of the NDB at the 6th BRICS Summit in Fortaleza, Brazil, marking the establishment of the first multilateral development institution by emerging and developing countries, Minister in the Presidency Khumbudzo Ntshavheni said at a press briefing.
So far, South Africa has contributed 25 billion rand (about 1.1 billion U.S. dollars) toward the bank's paid-in capital, according to Ntshavheni.
South Africa looks forward to hosting the meeting of the NDB and commits to working with the bank and its member countries to achieve sustainable development and create a better African continent, Ntshavheni said.
Headquartered in Shanghai, the New Development Bank was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS member nations and other emerging market economies and developing countries.
