Former president Jacob Zuma never kept his promise to Nhlanhla Nene, when he dismissed him as finance minister in December 2015, that he would be deployed to take up a senior position with the New Development Bank. But now, Nene — Finance Minister once again under President Cyril Ramaphosa — has achieved this on his own merits. Nene was elected chairman of the bank’s board of governors at its third annual meeting in Shanghai, China on Monday. He will serve in the position until the end of the next annual meeting of the board of governors, which will be held in SA next year. Back in 2015, Zuma said the reason for dismissing Nene was so he could be nominated as head of the Africa regional centre of the bank. This never happened. The New Development Bank is a multi-lateral development bank established by Brazil, Russia, India, China and SA (the Brics countries) in 2014. The bank is mandated to mobilise resources for infrastructure and sustainable development projects in Brics and other...

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