Development Financing from the Global South: The BRICS New Development Bank
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1 Proceedings report Development Financing from the Global South: The BRICS New Development Bank Proceedings report of a symposium hosted by the Institute for Global Dialogue (IGD) associated with UNISA and South African BRICS Think Tank (SABTT) 17 August 2017, Cape Town
2 Published in March 2018 by the Institute for Global Dialogue associated with UNISA 3rd Floor Robert Sobukwe Building 263 Nana Sita Street Pretoria Tel: All rights reserved. The material in this publication may not be reproduced, stored or transmitted without the prior permission of the publisher. Short extracts may be quoted, provided the source is fully acknowledged. Rapporteur: Arina Muresan, Researcher at the Institute for Global Dialogue associated with UNISA Edited by: Philani Mthembu, Executive Director at the Institute for Global Dialogue associated with UNISA Designed by: Kenny Dlamini, Research Officer at the Institute for Global Dialogue associated with UNISA Cover Image: 1
3 Contents List of acronyms and abbreviations... 3 Note on the Contributors... 4 Introduction... 5 Panel discussion... 5 Way forward and Conclusion... 7 Appendix: Programme
4 List of acronyms and abbreviations AAGC ARO BRI BRICS DBSA NDB OECD SDGs Asia-Africa Growth Corridor African Regional Office Belt & Road Initiative Brazil, Russia, India, China and South Africa Development Bank of Southern Africa New Development Bank Organisation for Economic Cooperation and Development Sustainable Development Goals 3
5 Note on the Contributors Ms. Sanusha Naidu, Senior Research Fellow, IGD. Ms Naidu is a foreign policy analyst. Her research interests include Democratisation in Africa; Africa s Political Economy and Development; Africa s relations with Emerging Powers from the South (BRICS and IBSA); South African Foreign Policy Analysis; and the role of track two diplomacy in International Relations. Ms Naidu has a Masters in International Relations from the University of Staffordshire, United Kingdom. She has previously worked at the Centre for Conflict Resolution based in Cape Town and managed the South African Foreign Policy Initiative (SAFPI) at the Open Society Foundation for South Africa. In the past several years Ms Naidu has also managed a programme that focused on Africa s international relations with China and Emerging Powers based at Fahamu from She has an extensive publications record which includes two edited volumes on Africa-China relations: Chinese and African Perspectives on China in Africa, Pambazuka Press, September 2010 (co-editors: Axel Harneit-Sievers and Stephen Marks; and Crouching Tiger, Hidden Dragon? Africa and China, University of KwaZulu-Natal Press, 2008 (co-editor: Kweku Ampiah). Ms Naidu is a regular media commentator on national and international issues for major news agencies including Al-jazeera News, CCTV, BBC Radio, SABC, and CBS Africa. She is also a regular analyst on South Africa's domestic politics and electoral trends. Dr Neissan Alessandro Besharati is a Senior Research Fellow at the Institute for Global Dialogue and a research associate at several prominent international development think-tanks. He is a visiting professor at the Catholic University of Rio de Janeiro (PUC-Rio), as well as a senior M&E technical specialist for the African Centre for Learning on Evaluation and Results (CLEAR-AA). He provides regular policy advice and consulting services to various government departments, bilateral donors, international institutions and corporate social investors. He has worked for over 15 years in the international development industry on five continents serving on senior management and advisory positions with governments, NGOs and various UN agencies. He currently serves on various UN and OECD expert groups, and has served as an aid effectiveness advisor for South Africa s engagement in global development debates. Dr Michelle Ruiters has a Ph.D. Degree in Political Science and a Certificate in Women s Studies from Rutgers University in the United States and an International Executive Development Programme Certificate from the Gordon Institute for Business Science. She is a Programme Manager for Regional Projects in at the Development Bank of Southern Africa where she works on the BRICS programme at the DBSA, which is a BRICS reference bank, and on the Presidency s North South Corridor infrastructure development programme. She also does country research/analysis for the DBSA s International Division. Dr Ruiters has taught political studies at universities in South Africa and in the US. She has worked and published in the areas of international institutional reform; militarisation in Africa; infrastructure development; gender and development; gender and trade; and identity politics; policy development related to poverty and regional development. 4
6 Introduction Dr Philani Mthembu, Executive Director, Institute for Global Dialogue The New Development Bank (NDB), also referred to as the BRICS Development Bank, was established as a legal entity in 2015, it is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). The bank aims to support public or private projects through loans, guarantees, equity participation and other financial instruments. The bank also plans to work together with international organisations and other financial entities and provide technical assistance for projects to be supported by the bank. The bank has its headquarters in Shanghai, China with the first regional office of the NDB in Johannesburg, South Africa. The NDB does not aim to challenge the current regional and multilateral financial institutions, rather it aims to complement the existing financial institutions in order to pursue and attain global growth and development. Hence, it is authorised by its founders to work together with other financial institutions as well as national entities (both private and public). The NDB is different in that it offers alternative forms of financing. It is different to the orthodox notions of Financing, such as the Bretton Woods Institutions. Its primary focus of lending will be infrastructure and sustainable development projects, the bank has an annual lending budget limit of US $34 billion. All members have equal standing in the bank and all have one veto regardless of their financial contribution to the bank; therefore, no member may implement any changes to the governing structure of the bank without the consent of all the other members. This is a factor to watch as the bank continues to grow, especially since China is currently the bank s biggest contributor and may use this to gain more influence over the bank. The discussion would thus consider the BRICS New Development Bank as a window of opportunity providing insights into development finance from the global South. It will also be important to understand that the NDB, and other development finance institutions of the global South are not only important in their roles as sources of loans and various financial instruments. Perhaps the bigger question will be their potential to contribute as knowledge banks given the traditional dominance of the Organisation for Economic Cooperation and Development (OECD) as a knowledge centre for generating ideas about development. Scholars and practitioners from the global South thus need to ask what impact development processes from the global South will have in shaping our overall ideas on role of the state and private sector in the development landscape, and the role of civil society and think tanks as actors in an evolving international development landscape. Lessons on the positive and negative results of the development experiences of leading members of the global South must thus be taken on board by other developing and developed countries grappling with various socio-economic challenges. Panel discussion Ms. Sanusha Naidu The NDB s core focus in its first year of operation was renewable energy, with most of the funding going towards renewable energy projects, or green finance. This focus will be attained through contributing to development plans established nationally through projects that are socially, environmentally and economically sustainable. However, there remains a gap deficit in the NDB, especially in terms of monitoring and evaluation as the bank is still new. Ms. Naidu explained that there are a number of key questions that the public is still seeking clarity on: How the bank will go about collecting m money should a country become unable to repay their loans? Would this debt be written off and if so, how will the bank sustain itself? Will the bank grant loans to countries that have bad governing structures? Will the bank have clearly set out structures of the types of projects it will be funding? How will the bank decide on the criteria of projects that it will be funding? Although the NDB remains vague on how the above issues will be tackled, there is a high degree of optimism surrounding the possible success of the bank. The same day of the public dialogue, the African Regional Office (ARO) of the NDB was launched in Johannesburg, South Africa. It is important to ensure an alignment between the NDB Head Office in Shanghai 5
7 and the ARO in Johannesburg. However, it remains unclear what the role of this ARO is: is it also to disperse loans, or, is the ARO role operational in terms of loans and funds, and does the BRICS 2021 strategy also apply to the ARO? From Ms. Naidu s standpoint, the focus has been more on NDB headquarters rather than looking at the ARO s role in Johannesburg. China s impact in BRICS continues to grow. The newly opened ARO is more strategically placed for all BRICS members; however, there will be no shift in moving the NDB headquarters. This allows China to hold a greater competitive advantage within the BRICS. China s push to expand the BRICS, in the form of BRICS plus, allows the ARO to have a more central positioning in BRICS, as well as more leverage for the African continent in the anticipation that an African country may be accepted into BRICS Plus at some stage. Regardless, the BRICS members relationships with Africa are crucial, for example China-Africa trade is about US $250 billion. India is trying to use its soft power in technology and other collaborations to embed itself in Africa. India s strategy is to look for areas where it can use satellite technology to build its footprint. For example, food security is of utter importance to India and its comparative advantage in pharmaceuticals. Another initiative is the Asia-Africa Growth Corridor (AAGC), a counter to China s Belt & Road Initiative (BRI), which aims to: Enhance capacity and skills; Quality infrastructure and institutional connectivity; Development and cooperation projects; and People-people partnership. Although the AAGC was created as a counter measure, it is an important example of how trilateral engagements with Africa can be created. Moreover, it is important to enquire if Africa take advantage of the Indian market? Dr. Michele Ruiters Dr. Ruiters explained that the debates and rules regarding development finance in Africa have changed significantly. In addition, the middle income class in Africa has grown; however, this is a threatening factor, as traditional funders argue that a bigger middle class base may not necessarily qualify a developing country for official development finance. With regard to African institutions, it is difficult to know their exact standpoints in terms of policy and implementation, especially given that the Africa Regional Centre of the Ne Development Ban is still in its infancy. We will thus have to monitor how African institutions interact with the NDB. Moreover, international funders are raising concerns when funding in terms of governance and debt sustainability, which significantly increases the risk of doing business, investing and assisting with development funds. Although the prevailing image portrays Africa as having to achieve much, there are a number of opportunities. Dr. Ruiters expressed that the youth bulge, inclusivity of women and private sector may be key points in driving infrastructure development. However, the question that remains is where does the NDB fit in line with all these factors? There are several issues, for instance South African actors may think that South Africa may be able to direct the finances in projects. Although the NDB philosophy is to have a flexible outlook, all countries that are recipients of funds are subject to checks and balances. For example, the Eskom approved project for renewable energy, worth US$ 180 million was put on hold until In addition, there is also an ongoing debate on the local South African currency, and there are counter exchange risks involved. Dr. Ruiters concluded by explaining that most are still waiting to see what develops within the bank. While the membership to the BRICS partnership is not open, there is speculation that more partners could be brought on in the future. Thus what will happen if new members are brought in such as Mexico, Nigeria and Turkey? Dr. Neissan Besharati Dr. Besharati started by explaining that South Africa may have more infrastructure in comparison to other African countries, however, South Africa requires a significant amount of infrastructure investment and improvements in order to remain competitive and to cope with a growing population s needs. Dr. Besharati explained that one possible way to meet these growing demands is to set goals according to the Sustainable Development Goals (SDGs), which are a United Nations crosscutting strategy to build upon the needs of societies in a simultaneous manner. Another possible solution is to encourage greater private sector partnerships to invest in infrastructure. 6
8 The NDB financing is a form of south-south cooperation. However, both the NDB and South-South cooperation face challenges; for example, a major issue with South-South cooperation is the need for complete and extensive data and information. Another issue is the assumption that the NDB is a benevolent role player and will have a significant impact in helping other countries. However, the NDB remains a bank and therefore is pragmatically responsible to generate funds, and therefore the bank will only invest in projects in which it will benefit from. The Global South is also critical of relationships that impose conditional relationships built on the initial premise of traditional development partners, even if the partners are representatives of the Global South. For example, if South Africa entered into a partnership with China and subsequently received funds, South Africa may need to use Chinese material, and so forth. The question now is, how can this contribute to the overall development of South Africa? In addition, in such cases it may become important to make use of private sector relationships and funds as leverage. Essentially, in order for South Africa to make the necessary shift and attain development, it is important to initiate a shift from a government perspective, whereby public-private partnerships may encourage more holistic development. Discussion and key points The discussion session assisted in clarifying a number of ambiguities regarding the NDB. Firstly, Development banks do not issue loans to governments if the projects are not considered sustainable and viable. Secondly, the discussion turned to the use of pension funds as collateral. African governments do not use pension funds as collateral because of the immense risk faced. Governments would need to guarantee that they would return the pension funds and they may not always be able to guarantee this. Failure to re-pay pension funds could cripple countries and lead to a lot of unrest within borders. Thirdly, the audience asked what has prevented the private sector from stepping in and applying for loans that would finance infrastructure projects since better infrastructure will also benefit their organisations. The speakers explained that the private sector is reluctant to apply for loans without any government guarantee; moreover, their focus is to maintain a profit making business model, which does not include altruist activities, such as the improvement of infrastructure. Therefore, if the government cannot offer the private sector any forms of guarantees regarding their loans or the proposed projects, they are not likely to consider loans from multilateral institutions such as the NDB or the Development Bank of Southern Africa (DBSA). Lastly, the audience asked if it is possible for governments to partner and apply for loans that could fund regional or cross border projects since this will contribute to positive spill over effects. For example, if South Africa and Botswana enter into a partnership and apply for a loan that will go towards building an economic corridor, both countries would benefit from it and would share the loan repayments. Although this may be a positive form of cooperation, the panellists explained that there are a number of challenges encountered in financing regional and cross border projects and countries are involved in the business of pursing their own national interests. In addition, regional power dynamics between countries also play a role, and it becomes increasingly difficult for countries to come together to understand the importance of being connected. Thus, we need to find a model that can finance regional projects and once this happens we can integrate projects. Way forward and conclusion Moving forward, most watch the NDB with immense anticipation. At the moment each member has equal shares and stakes in the bank, which is enforcing of mutual principles even if respective members have contributed less than others. While the BRICS membership is not open to accepting more members, it is projected that the NDB may open a call for membership. However, geopolitical dynamics are at the forefront of BRICS scholars thoughts; many do not underestimate China s rise in global politics and its influence through the BRICS partnership, in addition, many consider the different opportunities that the BRICS partnership is starting to encourage. The opening of the ARO is a prestigious event for South Africa as well as South Africa s future contributions to the NDB and BRICS partnership. South Africa s own proposed sustainable projects offer innumerable development opportunities, yet they need to maintain high levels of accountability. Lastly, while BRICS, the NDB, 7
9 and other development banks from the Global South are showing the world what alternative sources of development financing may mean; it is important to maintain the ultimate bottom line of development. It is also important to understand that the NDB, and other development finance institutions of the global South are not only important in their roles as sources of loans and various financial instruments. Perhaps the bigger question will be their potential as knowledge banks given the traditional dominance of the OECD as a knowledge centre for generating ideas about development. Rather than having a largely transactional outlook at their activities, scholars and practitioners from the global South need to ask what impact they will have in shaping our overall ideas about the very notion of development. Directly or indirectly, development finance institutions from the global South will influence our understanding on the role of the state and private sector in the development landscape, and the role of civil society and think tanks as actors in an evolving international development landscape. Lessons on the positive and negative results of the development experiences of leading members of the global South must thus be taken on board by other developing and developed countries grappling with various socioeconomic challenges. 8
10 IGD and SABTT Symposium: South Africa s BRICS Engagement Draft Programme, 17 August 2017 Cape Town Lodge Hotel, 101 Buitengracht St, Cape Town Development Financing from the Global South: The BRICS New Development Bank 9:00-9:30 Arrival and registration 9:30 9:45 Welcome and opening remarks by Dr. Philani Mthembu (Executive Director, Institute for Global Dialogue (IGD)) and Dr. Elias Phaahla (Programme Coordinator, National Institute for the Humanities and Social Sciences (NIHSS)) 9:45 11:00 Panel discussion Dr. Neissan Besharati (Senior Research Fellow, IGD) Ms. Sanusha Naidu (Senior Research Fellow, IGD) Dr. Michele Ruiters (Development Bank of Southern Africa (DBSA)) Q & A facilitated by Dr. Philani Mthembu 11:00 11:30 Tea break 11:30 12:00 Break away sessions Break away session 1: Taking stock of the New Development Bank, projects and policy developments Break away session 2: The Africa Regional Centre and the quest for development financing solutions for Africa 12:00 12:30 Rapporteur session facilitated by Dr. Elias Phaahla 12:30 12:45 Vote of thanks and close 12:45 Lunch 9
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