South American countries have faith in BRICS: Bolivian diplomat

Source: Xinhua| 2017-07-08 11:23:05|Editor: ying
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JOHANNESBURG, July 7 (Xinhua) -- The Bolivian Consulate here said Friday that most South American countries have faith in BRICS when it comes to addressing challenges in Africa and the world.

Susana Galleguillos-Caputi, honorary consul of the Plurinational State of Bolivia, told Xinhua that the bloc grouping Brazil, Russia, India, China and South Africa (BRICS) has to do things differently to meet its mandate, and that most South American countries have high hopes and expectations for BRICS.

"Most South American countries see BRICS as favorable and a fair group. They see it as a way of removing monopoly where small countries have an important role to play in the development of their economies. BRICS will go a long way with a proper vision, policy and strategy in contributing to infrastructural projects," said Galleguillos-Caputi.

The BRICS countries should work for proper governance, poverty alleviation and a fair trading system. They should put social inclusion, unity and policy into an infrastructural framework, she said.

The New Development Bank (NDB) has the potential to address development challenges in railways, ports, roads and power supply, she added.

The NDB, one of the BRICS institutions, has just approved its general strategy for 2017-2021 on how to mobilize resources for infrastructure and sustainable development projects.

"The bank needs new methods for projects and financing and should not duplicate the archaic and outdated system of the IMF (International Monetary Fund) and World Bank. They should be accountable and ensure there is no default in payment," she said.