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:


Recommended

by NEWSROOM AI
Read More
There's mixed feelings about Gambino's track 'This is America' says Arts writer

There's mixed feelings about Gambino's track 'This is America' says Arts writer

Mail & Guardian Arts writer Zaza Hlalethwa chats about her initial reaction to the music video of 'This is America'.

Are you eating too much red meat?

Are you eating too much red meat?

People should aim for 2 portions a week with a fair portion being the size of your palm says dietician Lauren Moore.

How workers can prosper through the Fair Trade brand

How workers can prosper through the Fair Trade brand

The Fair Trade label ensures the producers - all who work the land - benefit through this initiative.

Here's why you may be feeling chronically tired

Here's why you may be feeling chronically tired

You may have Chronic Fatigue Syndrome. Find out the signs, symptoms, and advice about what you can do about it.

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

BRICS Report: 7 July 2015

BRICS Report: 7 July 2015

Voice of America correspondent (based in India), Anjana Pasricha gives us the latest BRICS report

Popular articles
[LISTEN] Van Breda's call to emergency services: 'My family and I were attacked'

[LISTEN] Van Breda's call to emergency services: 'My family and I were attacked'

The chilling call Henri van Breda made to emergency services on the night his mother, father and big brother were hacked to death.

[LISTEN] Father shares how he shot the man who raped his daughter

[LISTEN] Father shares how he shot the man who raped his daughter

Johannesburg father, Chris says he had just come back from work when he walked in on an employee raping his 17 year old daughter.

MTN Walk The Talk with 702: Get your entries in and be part of a united Joburg!

MTN Walk The Talk with 702: Get your entries in and be part of a united Joburg!

Join Joburgers from all walks of life come together peacefully, united in their diversity for a fun family day out.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Competition Commission investigates five companies to stamp out price-fixing

Competition Commission investigates five companies to stamp out price-fixing

Commission says investigation into food and agro processing companies is important because of high levels of inequality in SA.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?