Finance Minister Nhlanhla Nene
JOHANNESBURG - Finance Minister Nhlanhla Nene has been elected chairperson of the board of governors of the New Development Bank (NDB), which has approved a $200million (R2.5bn) loan for the Durban container terminal berth reconstruction project.

The 14th meeting of the NDB board of directors held in Shanghai in China yesterday also decided that the next annual meeting of the bank's board of governors would be held in South Africa next year.

The Durban container terminal berth reconstruction project is aimed at helping transport parastatal Transnet to enhance capacity of its port in Durban.

This is being done through the rehabilitation of its container terminal berths and the upgrading of port infrastructure to provide additional slots for larger vessels.

This was one of six projects from the five member countries worth a total of $1.6bn that were approved yesterday by the NDB, the multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014. The six projects approved increased the total value of the bank’s portfolio to more than $5.1bn.

The bank is mandated to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.

The NDB yesterday also signed a memorandum of understanding on general co-operation with the Development Bank of Southern Africa.

- BUSINESS REPORT