New Development Bank BRICS an opportunity for SA's economy to grow

At the end of June 2015, Finance Minister Nhlanhla Nene announced that the Cabinet had endorsed the nomination of Leslie Maasdorp as vice-president of the New Development Bank BRICS.

The New Development Bank BRICS is development bank operated by BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund.

The Bank has been set up to foster greater financial and development cooperation among the five emerging markets.

The NDB will be headquartered in Shanghai, China. Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.

The job requires Maasdorp to move to Shanghai, China Africa Melane spoke to him ahead of his relocation, about what his expectations of the bank and his new position are.

BRICS have existed for a number of years but the formation of this bank is a concrete, physical embodiment of this desire by these 5 countries to enhance trade and investment co-operation amongst themselves. So essentialy what the bank is - each of the 5 countries has contriubuted $10 billion, so we have an initial capital base of $50 billion ... It's a pretty significant institution in the sense that South Africa as the smallest economy in that club now has access to a very big pool of capital to fund some of our infrastructure needs.

Leslie Maasdorp, VP of New Development Bank BRICS

Maasdorp carries on to explain how in the context of South Africa's economy at present, the infrastructure investment opportunities that will come out of this initiative will benefit the country as a whole.

Listen to Africa's conversation with Maasdorp below:


This article first appeared on 702 : New Development Bank BRICS an opportunity for SA's economy to grow


Recommended

by NEWSROOM AI
Read More
I've finally decided to start my 1st solo project - Zolani Mahola, Freshlyground

I've finally decided to start my 1st solo project - Zolani Mahola, Freshlyground

On the #WeekendBreakfast with Africa Melane, Zolani Mahola of Freshlyground tells us all about her first solo project.

'I enjoyed 'The House with a Clock in its Walls' movie but the ending is crazy'

'I enjoyed 'The House with a Clock in its Walls' movie but the ending is crazy'

Film critic Gayle Edmunds shares her views of the gothic horror inspired movie, 'The House with a Clock in its Walls'.

Overtaking in the VW Touareg is like a dream - Jacob Moshokoa, auto journalist

Overtaking in the VW Touareg is like a dream - Jacob Moshokoa, auto journalist

Auto journalist, Jacob Moshokoa says that the VW Touareg is going to rival the likes of the Mercedes-Benz ML, and the BMW X5.

Theatre critic shares her thoughts of the dramatic opera 'Maria Stuarda'

Theatre critic shares her thoughts of the dramatic opera 'Maria Stuarda'

On the #WeekendBreakfast, theatre critic Marina Griebenow chats about the production behind Cape Town Opera's 'Maria Stuarda'.

[LISTEN] New Visa regulations could change the face of South African tourism

[LISTEN] New Visa regulations could change the face of South African tourism

Lecturer at TUT's Dept of Tourism, Unathi Henama says that the tourism sector is at the center of the economic policies in SA.

Chinese economic meltdown: An analysis

Chinese economic meltdown: An analysis

Economist and Researcher, Xhanti Payi gives an analysis of the Chinese economic meltdown and its impact on South Africa and BRICS

Popular articles
Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Malema has accused the rogue unit of still being operational and Pravin Gordhan of working in the background against the EFF.

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Cheryl Zondi is testifying against Pastor Timothy Omotoso who is accused of rape and human trafficking in his Durban church.

[WATCH] A golden buzzer for South African trio on talent show

[WATCH] A golden buzzer for South African trio on talent show

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

'The EFF seems to be trying to find scapegoats'

'The EFF seems to be trying to find scapegoats'

Deputy Editor at Financial Mail, Sikhonathi Mantshantsha, seems to be finding excuses as to why its leaders are in trouble.

'Clicks false-positive pregnancy tests causes a lot of heartbreak'

'Clicks false-positive pregnancy tests causes a lot of heartbreak'

Some of the women who used these tests shared their heartbreaking stories with Business Insider Online.

What on earth happened to Cool Kids Cab?

What on earth happened to Cool Kids Cab?

Cool Kids Cab is a company that provides reliable and safe transport for children to and from school.

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

News 24 investigative journalist Kyle Cowan reports that Zuma was granted the loan despite the fact that he could not afford it.