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Johannesburg - Cabinet has endorsed the nomination of Leslie Maasdorp as vice president of the Brics New Development Bank (NDB) and Tito Mboweni has been appointed as the non-executive director to the board of the bank.
The agreement on the New Development Bank and the treaty for the establishment of a Brics contingent reserve arrangement have been ratified by Parliament, the Ministry of Finance announced on Friday.
The New Development Bank is expected to be operational by the end of 2015.
The process to establish the African Regional Centre is underway, and upon commencement of business, will immediately be open to consider projects on the continent.
The inaugural meeting of the board of governors for the Brics New Development Bank will take place on July 7 2015, where the management of the New Development Bank will be formerly appointed.
