World needs more development banks like BRICS’, not “mindless austerity” – minister

World needs more development banks like BRICS’, not “mindless austerity” – minister

BRICS is gaining momentum as an increasingly effective organization and its New Development Bank is likely to become new source of funding for the current infrastructure gap, South Africa’s Trade and Industry Minister Rob Davies told RT.

There’s a need for more development banks in the world involved in more developmental finance, the minister said on the sidelines of BRICS/SOC summits in Ufa.

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