TEMPO.CO, Jakarta - Prominent developing countries under BRICS will operate a development bank by the end of this year, the South African Finance Department announced on Friday, June 26, 2015, as reported by AFP.
It was also announced that South African banker Leslie Maasdorp has been nominated as the Vice President of the bank.
Brazil, Russia, India, China and South Africa that represent 40 percent of the world population and contribute a quarter of the world economy’s output decided in 2013 to establish a development bank to distribute loans for infrastructure projects. The bank that will be based in Shangha, China, aims at narrowing the gap between the industrial countries and is expected to have a total capital up to US$100 billion.
The new development bank’s board of governors will meet for the first time in Ufa, Russia, on July 7 to confirm the lender management.
Mr. Maasdorp previously served as an advisor to the current South African central bank director Tito Mboweni and supervised the privatization program in 1999-2002.