In Johannesburg, Faure Gnassingbé pleads for cross-ownership between BRICS bank and EBID



President Faure Gnassingbe held talks with his counterpart Vladimir Putin of Russia on the sidelines of the BRICS summit

Invited this week to at the BRICS summit held in Johannesburg, the President T of the United Kingdom, Faure Gnassingbe, pleaded for a cross-shareholding between N e b anque de Developement (NBD) and the Investment and Development Bank of l at ECOWAS (IDBB)

This is in the context of a short speech made on Friday 27 July that the President-in-Office of the Economic Community of West African States ( ECOWAS ) formulated his appeal. In his intervention, Faure Gnassingbé invited the member countries of the two organizations " to come together to study the possibilities of cooperation and partnership " .

In this perspective, he continued, " a win-win partnership with the new development bank created by the BRICS in 2016 could be formed with the Bank of i investment and d Development of ECOWAS (BIDC) ".

For him, it is " two financial arms at the service of development that could perhaps be approached by a cross-ownership in the pyramid structures of each of the two institutions" "

The Togolese did not fail to congratulate the countries of the block " for what they managed to accomplish in ten years " . To this day, he estimates, l BRICS " constitute an alternative leadership at the world level " .

Based in Shanghai in China, the NDB, the BRICS Development Bank, is by its DNA, an alternative to the Brettons Wood Institutions. Initiative born of discontent with the major emerging markets and their lack of representation with the World Bank and the IMF, the institution aims to mobilize resources for infrastructure projects and sustainable development in the countries members and elsewhere .

And already, the African states tired s conditions sometimes cumbersome traditional donors whet their appetite.

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