"It has been five years since we signed the Articles of the New Development Bank at the sixth Brics Summit in Fortaleza, thus establishing the first multilateral development institution by emerging and developing countries," Ramaphosa said. 

"Today, we proudly acknowledge the significant achievements made by the Bank and for this we commend the stewardship of President Kamath. 

"As founding members, we made a commitment that the Bank should benefit not only Brics countries but should extend its horizon to other emerging markets and developing countries. 

Pledging support for the Bank’s flexible approach to membership, as well as the countries it would consider as prospective members, Ramaphosa said that the entity's efforts to become a global financial institution by 2021 was impressive. 

"We stand ready to support the Bank in this process, particularly with regard to reaching out to Africa.

"We are confident that the NDB’s activities on the continent will assist in addressing the large infrastructure financing gap that has been impeding economic growth and development in Africa.

"In this slowing growth environment, where fiscal and monetary policy is limited, public and private roleplayers need to collaborate to support growth," Ramaphosa said. 

The South African president said that the NDB should remain mindful of its development mandate and that its policies support development, such as in infrastructure in Brics countries. 

"The NDB has demonstrated great leadership since it opened its doors in 2015, bringing it on par with and, in some instances, surpassing other regional development banks. 

"We trust that the NDB will maintain this good momentum," Ramaphosa said. 

On the report of the Brics Business Council, Ramaphosa also said that driving the manufacturing sector was crucial for development in Brics and other developing countries.  

"A working manufacturing sector requires blending appropriate infrastructure, cutting-edge innovation, adequate finance and the right skills," Ramaphosa said.

"We, therefore, encourage the further development of the proposed Manufacturing Working Portal and project investment database, which will benefit all areas of the Business Council’s agenda. 

He said that while it was important to maintain strong links between the five member states, it was as crucial for each of them to ensure close ties with the economies in their respective regions. 

"For South Africa, that is particularly true as we embark on deeper integration through the African Continental Free Trade agreement," he said. 

He also said it was important to focus on shared and balanced growth within the countries.

African News Agency