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 THE NEWSROOM
Read More
‘The shape of water is a magical monster movie with a love story’ - Edmunds

‘The shape of water is a magical monster movie with a love story’ - Edmunds

Described as an unconventional love story, film critic Gayle Edmunds shares her views on the movie, ‘The Shape of Water’.

[LISTEN] 27 for Freedom Festival celebrates Madiba's legacy

[LISTEN] 27 for Freedom Festival celebrates Madiba's legacy

Organiser of 27 for Freedom festival talks about celebrating Madiba’s 100th birthday by using arts & sports to unite the nation.

‘The reality is that schools are full’ - Paddy Attwell

‘The reality is that schools are full’ - Paddy Attwell

Spokesperson for the Western Cape Department of Education, Paddy Attwell chats to Africa about combating the schooling crises.

[LISTEN] How Capetonians can stay hydrated during the drought

[LISTEN] How Capetonians can stay hydrated during the drought

Water is a scarce commodity that can be considered a precious resource. Without water, the human brain would deteriorate.

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
Dr Viwe Mtwesi is South Africa's youngest black female cardiologist

Dr Viwe Mtwesi is South Africa's youngest black female cardiologist

Dr Viwe Mtwesi spoke to Relebogile Mabotja about her achievements and commitment to serving people through her work.

Sygnia offers Gupta whistle-blower Bianca Goodson a job

Sygnia offers Gupta whistle-blower Bianca Goodson a job

The Money Show’s Bruce Whitfield interviews Sygnia Asset Management CEO Magda Wierzycka.

Soulful Sundays Playlist: Sunday 11 June 2017

Soulful Sundays Playlist: Sunday 11 June 2017

Favourites to feed your soul on Sunday.

How Free State's Ace Magashule's family linked to Gupta companies #GuptaLeaks

How Free State's Ace Magashule's family linked to Gupta companies #GuptaLeaks

Revelations published today show how the premier's sons and Free State govt appear heavily involved in the Gupta-owned companies.

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?

5 ways the NSFAS funding model will change in 2017

5 ways the NSFAS funding model will change in 2017

The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.