Minister of Foreign affairs Nancy Tembo has said BRICS will offer more access to developmental financing for Malawi as the grouping focuses on economic development.
Tembo said this in an exclusive interview with Malawi News Agency (Mana) on the sidelines of a meeting president Chakwera had with Malawian investors based in South Africa at Danvici Hotel in Johannesburg.
“The BRICS have huge ambitions for development financing and for the continent of Africa. With the BRICS’ New Development Bank (NDB), this gives us additional resources for financing projects in Malawi in addition to the IMF and World Bank,” she said.
She said the president’s presence at the Summit will offer the government of Malawi a platform to engage the leaders of the BRICS on the challenges Malawi is facing.
The president is attending the summit on invitation by South African president Cyril Ramaphosa who is hosting the summit.
President Chakwera earlier said he would take advantage of the summit to engage Malawi’s development partners on Malawi’s debts among others.
Brazil, China, India, Russia and South Africa (BRICS) is a grouping of five emerging world economies formed in 2006.
It accounts for a quarter of the world’s economy and at least 40 percent of the world’s population.
Presidents of China, Xi jinping Brazil Lura Da Silva and India’s prime minister Nalendra Modi respectively including many other invited delegates from different parts of the World are also expected to attend.
Expansion of the BRICS is expected to feature highly at the meeting and Ramaphosa during his national address on Sunday said South Africa supports expansion of the BRICS.
The BRICS 15th Summit officially opens on Tuesday, August 22 at Sandton Convention Centre.