Monale Ratsoma. Via LinkedIn.

CAPE TOWN - The head of the BRICS New Development Bank has been appointed by National Treasury. 

Monale Ratsoma, the current deputy director general of Treasury’s economic policy department will take over as the head of the Bank as of April 16.

“Mr Ratsoma’s role will be managing the bank’s African regional operations and leading the bank’s African efforts in project preparation, project implementation and regional portfolio management,” Treasury said on Tuesday.

Former President Jacob Zuma opened the African Regional Centre in Sandton late last year. The bank’s main aim is to develop and drive infrastructure investment in the transport and energy sector. 

Treasury’s Director General Dondo Mogajane has given his support for Ratsoma. Stating that Treasury will give him the support he needs to achieve the bank’s vision. 

Dr Duncan Pieterse will take over the position of deputy director general of economic policy at Treasury in an acting capacity till the vacancy is filled permanently. Pieterse is currently the chief director of microeconomic policy at Treasury.

In August last year, 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.

Read More: BRICS New Development Bank appoints South Africa's representatives

- BUSINESS REPORT ONLINE