Brics bank a concrete reality - Zuma

18 December 2015

Cape Town – The Brics New Development Bank is a concrete reality, President Jacob Zuma said his 2015 end-of-year statement on Friday.

The bank is intended to finance infrastructure and sustainable development projects in the Brics (Brazil, Russia, India, China and South Africa) and other emerging economies and developing countries.

“The New Development Bank, whose establishment was announced at the fifth Brics Summit in eThekwini, is now a concrete reality,” Zuma said.

The city of Shanghai in China will host the bank’s headquarters and Johannesburg will host its Africa regional centre.

Nene nomination

On December 11 Zuma announced that axed finance minister Nhlanhla Nene was nominated to head the regional centre.

According to Zuma, the change in National Treasury leadership was “occasioned by the need to send nominations to Shanghai [for] the head of the African regional centre”.

Zuma said Nene was earmarked as a candidate for the position.

"We are fully backing his candidature, knowing full well that he will excel and make the nation proud in his next assignment.”

Zuma’s decision to replace the respected Nene with the relatively unknown ANC MP David Des van Rooyen sent shock waves through the SA economy.

The rand hit a record low of 16.00 to the dollar immediately after the announcement, before its recent recovery to around R15.00 against the greenback after Zuma did a U-turn to reappoint the more experienced Pravin Gordhan.

Fin24

This article first appeared via News24 – see here.