Brand South Africa has congratulated Finance Minister Nhlanhla Nene on his appointment as chairman of the Board of Governors of the New Development Bank (NDB).
The Finance Minister’s appointment was made at the third annual meeting of the NDB Board of Governors (BoG) and the 14th meeting of the NDB Board of Directors (BoD) was held in Shanghai, China, on Monday.
In its reaction on Thursday, Brand South Africa welcomed the appointment.
We welcome Minister Nene’s appointment, which comes in a period of an intensified investment drive to achieve the National Development Plan’s (NDP) investment objectives by President [Cyril] Ramaphosa.
“Through the BRICS New Development Bank, South Africa will be in a position to further expand infrastructure opportunities for trade, said Brand South Africa’s General Manager for Research Dr Petrus de Kock.
The NDB, which is a multi-lateral development bank established by BRICS (Brazil, Russia, India, China and South Africa), also signed a memorandum of understanding on general co-operation with the Development Bank of Southern Africa.
Nene will serve in the position until the end of the next annual meeting of the board of governors, which will be held in South Africa next year.
Brand South Africa said the country’s BRICS membership has become a vital element of its global economic strategy and is viewed as a catalyst and enabling tool for the pursuit and achievement of foreign policy priorities, including the promotion of the African Agenda, sustainable development, global governance reform and South-South cooperation.
At Monday’s meeting, the bank approved loans to all five member countries totalling $1.6billion (R20.3billion).
The meeting also approved a $200m project for the reconstruction of the Durban Container Terminal berth. This was one of six projects from the five member countries that was approved by the board with loans totalling $1.6billion, bringing the bank’s total portfolio to more than $5.1billion. Total approvals for 2018 amount to $1.7billion.
Nene’s appointment comes as South Africa is due to host the BRICS Summit from 25 to 27 July at the Sandton Convention Centre.
The 10th BRICS Summit will be the second BRICS Summit to be hosted by South Africa under the theme ‘BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution.’
The bank is mandated to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.
Source: South African Government News Agency