"South Africa has benefited from the New Development Bank, which was established by the BRICS countries in 2015. Our country has been funded by the bank in several infrastructure projects to the value of R100 billion in sectors such as roads, water and energy," Ramaphosa said, speaking to the nation ahead of the BRICS summit, which would be held in Johannesburg from August 22-24.
South Africa is strengthening trade and investment ties with other BRICS countries, as well as cooperating in areas such as technology, security and innovation, the president added.
The BRICS summit in Johannesburg is expected to be attended by the leaders of Russia, China, India, Brazil and South Africa. Russian President Vladimir Putin is expected to participate in the summit via video link.