Nene to chair board of governors of BRICS bank

Finance Minister Nhlanhla Nene has been elected as the chairperson of the board of governors of the New Development Bank.

Nene, who was named finance minister, by President Cyril Ramaphosa in February, was elected to the position at a meeting of the bank’s leadership taking place in Shanghai, China.

At the meeting it was also announced that the board’s next annual meeting would take place in South Africa in 2019.

The NDB is a bank that was jointly set up by the leaders of the BRICS counties Brazil, Russia, India, China and South Africa. It held its first meeting in 2015.

READ MORE: The African Development Bank’s plans to usher in investment

At the meeting the bank approved loans to all five members countries totalling R20.3-billion.

The South African loan of R2.5-billion is set to go towards the Durban Container Terminal Berth Reconstruction Project.

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. — Fin 24

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.


To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Jan Cronje
Jan Cronje
Fin24 Journalist based in Cape Town.
Advertising

Coalition politics and law: The fight over Tshwane

With coalition politics on the rise, particularly in local government, this kind of court case is likely to become more common

High court declares Dudu Myeni delinquent

Disgraced former SAA chairperson Dudu Myeni has been declared a delinquent director by the...

SANDF inquiry clears soldiers of the death of Collins Khosa

The board of inquiry also found that it was Khosa and his brother-in-law Thabiso Muvhango who caused the altercation with the defence force members

No back to school for teachers just yet

Last week the basic education minister was adamant that teachers will return to school on May 25, but some provinces say not all Covid-19 measures are in place to prevent its spread
Advertising

Press Releases

Road to recovery for the tourism sector: The South African perspective

The best-case scenario is that South Africa's tourism sector’s recovery will only begin in earnest towards the end of this year

What Africa can learn from Cuba in combating the Covid-19 pandemic

Africa should abandon the neoliberal path to be able to deal with Covid-19 and other health system challenges likely to emerge in future

Coexisting with Covid-19: Saving lives and the economy in India

A staggered exit from the lockdown accompanied by stepped-up testing to cover every district is necessary for India right now

Covid-19: Eased lockdown and rule of law Webinar

If you are arrested and fined in lockdown, you do get a criminal record if you pay the admission of guilt fine

Covid-19 and Frontline Workers

Who is caring for the healthcare workers? 'Working together is how we are going to get through this. It’s not just a marathon, it’s a relay'.

PPS webinar Part 2: Small business, big risk

The risks that businesses face and how they can be dealt with are something all business owners should be well acquainted with

Call for applications for the position of GCRO executive director

The Gauteng City-Region Observatory is seeking to appoint a high-calibre researcher and manager to be the executive director and to lead it

DriveRisk stays safe with high-tech thermal camera solution

Itec Evolve installed the screening device within a few days to help the driver behaviour company become compliant with health and safety regulations

The best local and international journalism

handpicked and in your inbox every weekday