NEW DEVELOPMENT BANK
LUMKILE MONDI: Financier needs to show it values ethics
‘The New Development Bank needs to show to its stakeholders integrity is a basic characteristic’
The African regional centre of the New Development Bank, commonly known as the Brics bank, was launched in Johannesburg last week. Its aim is to act as a development financier among the many national, continental and multilateral development finance institutions competing in the African project finance market. This should be music to the ears of borrowers such as Transnet, Eskom and many others on the African continent, since the costs of borrowing could be reduced through competition. The bank sees itself as a 21st century multilateral development bank that builds on the experiences of existing institutions to design policies and practices capable of living up to the challenges posed by global trends. It argues that its competitive offering is "new" in three broad areas: relationships, projects and instruments, and approaches. On relationships, it says its governance structure is grounded on the conviction that its policies and projects are suitable for true ownership by developing...
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