SMEs significantly impacting on Africa’s economic growth: Kaberuka

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“The challenge for almost every country in Africa now, even those growing quite fast, is one of inclusion and jobs,” said Donald Kaberuka, President of the African Development Bank (AfDB)

“We are also keen to take advantage of some of the latest developments, say IT based products like the mobile bank in Kenya to increase the number of people who have access to financial services.”

The possibility of the BRICS Development Bank may have a significant impact on funding for projects focused on infrastructure. 

“I strongly welcome the creation of the development bank. I think it will be an additional player…. I look forward to partner with them to promote trade and investment into Africa. I see them as a partner, I just hope they are a significant bank because the numbers I heard in Durban [South Africa] in terms of the initial capital base seems to me to be quite modest.”

Kaberuka added that while the initial base capital the AfDB received was $100 billion, while it is said that the BRICS Development Bank receive $50 billion.

“I hope it can be a significant institution given the scope of work that we would like to do with them.” 

Kaberuka hopes to see the BRICS Development Bank will be based in Africa.