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The BRICS New Development Bank (NDB) confirmed that Dondo Mogajane, Director-General of the National Treasury has been appointed as the new Director to represent South Africa.

This comes after the expiration of Tito Mboweni's term as Director of the NDB in early July. 

Mboweni began his term as South Africa's Director at the NDB on 03 July 2015, for a two year term, which then ended on 02 July 2017.

The nomination of Mogajane by the Minister of Finance, Malusi Gigaba and subsequent appointment, will make certain that no additional costs are incurred further by government in paying and appointing someone from outside of public service while also further improving strategic alignment and collaboration between the government of South Africa and the Bank.

Minister Gigaba in a letter formally informing Mboweni if the decision, thanked him for his excellent representation of the South African government as a member of the Board and Chair of the Audit, Risk and Budget Compliance Committee with commendable professionalism and dedication.

According to the statement by National Treasury, in accordance to articles 11(a), 12(b) and (c) of the NDB Articles of Agreement, the NDB has also confirmed the appointments of the Deputy Minister of Finance, Sfiso Buthelezi as the Alternate Governor of the NDB for South Africa.

Deputy Director-General for Economic Policy at the National Treasury, Monale Ratsoma in his capacity as Acting Deputy Director-General for International and Region Economic Policy will continue to serve as alternate Director of the NDB for South Africa.

"These appointments are also in line with the practice from the other founding members of the Bank whose representatives are from their countries Ministries of Finance and Treasury departments," Treasury stated.

- BUSINESS REPORT ONLINE