New Development Bank financing for SA now more than R9bn
The finance minister gave the figure in response to a DA question about the benefit the bank brings to SA
The New Development Bank has already approved $680m (about R9.8bn) in project financing for SA, finance minister Tito Mboweni has disclosed in a written reply to a parliamentary question. The minister was replying to a question by DA MP Alan McLoughlin who wanted to know what benefit SA had derived from being a partner of the New Development Bank, a joint project by the Brazil, Russia, India, China and SA (Brics) trade group. There has been criticism that SA does not derive as much benefit as other countries from the bank, but its president KV Kamath has insisted in media interviews that the bank wants to be equitable in its lending to its five member countries. In addition to the project financing, Mboweni noted that the bank employs 18 South African professionals both at the Africa Regional Centre in Sandown and at the bank’s headquarters in Shanghai, China. Questioned about the reported move by China to re-introduce a gold standard for the Chinese yuan, Mboweni said this has not ...
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