Zuma to open first Brics bank regional office in Joburg

Cape Town - President Jacob Zuma will preside over the launch of the African Regional Centre of the New Development Bank on Thursday August 17 in Sandton in Johannesburg, National Treasury said in a statement on Friday. 

The president will be joined by New Development Bank president Kundapur Vaman Kamath, Cabinet ministers, and the bank's executives among others.

Kamath, an Indian national, was the former chairperson of the country's second largest private sector bank. 

Brazil, Russia, India, China and South Africa, which make up the Brics countries, signed an agreement to establish the New Development Bank, also called the Brics bank, in July 2014 in Brazil. 

The bank, headquartered in Shanghai, China, officially opened in February 2016. 

"Another key resolution taken at the 2014 Brics summit was to establish regional offices that would perform the important function of identifying and preparing proposals for viable projects that the Bank could fund in the respective regions," National Treasury said.

The first of its kind would be set up in Johannesburg, South Africa. The launch of the African Regional Centre will showcase the NDB’s service offering, highlighting the Bank’s potential role in the area of infrastructure and sustainable development in emerging and developing countries. 

The Brics Bank was in the news earlier this week when it emerged that National Treasury director general Dondo Mogojane replaced former South African Reserve Bank governor Tito Mboweni as a non-executive director.

When Zuma removed former finance minister Nhlanhla Nene from his position in December 2015, the President claimed the move was to free up Nene to head up the African Regional Centre of the Brics bank. A year-and-a-half later Nene has still not been appointed to the role.

SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
17.58
+0.4%
Rand - Pound
21.18
+0.3%
Rand - Euro
18.85
+0.5%
Rand - Aus dollar
12.21
-0.4%
Rand - Yen
0.13
-0.6%
Platinum
972.03
-0.2%
Palladium
1,648.06
+3.1%
Gold
1,869.04
+0.1%
Silver
22.13
-0.6%
Brent Crude
80.99
+1.3%
Top 40
73,434
-0.1%
All Share
79,534
-0.1%
Resource 10
74,594
+0.7%
Industrial 25
102,656
-0.5%
Financial 15
16,333
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders