Brand South Africa has congratulated the Minister of Finance, Nhlanhla
Nene, on his appointment as the Chairperson of the Board of Governors of the
Brand South Africa recently congratulated South Africaˇ¦s Minister
of Finance, Nhlanhla Nene, who was elected as Chairperson of the Board of
Governors of the NDB.
Minister 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. Minister Nene, who was named Finance Minister by President Cyril
Ramaphosa in February, was elected to the position at the 14h meeting of the
bankˇ¦s leadership in Shanghai, China.
The NDB is a multilateral development bank established by Brazil, Russia,
India, China and South Africa (BRICS) in 2014. The bank is mandated to
mobilise resources for infrastructure and sustainable development projects
in BRICS and other emerging economies and developing countries.
At the meeting, the bank approved loans to all five member countries
totalling $1,6 billion (R20,3 billion). The meeting also approved a
$200-million 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 $1,6 billion, bringing the bankˇ¦s
total portfolio to more than $5,1 billion. Total approvals for 2018 amount
to $1,7 billion.
According to a NDB media statement, the project is aimed at helping Transnet
enhance the capacity of its Durban Port, through the rehabilitation of
container terminal berths and the upgrading of port infrastructure to
provide additional slots for larger vessels.
Brand South Africaˇ¦s General Manager for Research, Dr Petrus de Kock, said:
ˇ§We welcome Minister Neneˇ¦s appointment, which comes in a period of an
intensified investment drive to achieve the National Development Planˇ¦s
investment objectives by President Ramaphosa. Through the BRICS NDB, South
Africa will be in a position to further expand infrastructure opportunities
The NDB also signed a Memorandum of Understanding on General Cooperation
with the Development Bank of Southern Africa.
South Africaˇ¦s membership of BRICS 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 South Africaˇ¦s foreign policy priorities,
including the promotion of the African Agenda, sustainable development,
global governance reform and South-South cooperation.