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 ...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.