Treasury DG appointed to BRICS bank

Friday, August 11, 2017

The BRICS New Development Bank (NDB) has confirmed the appointment of National Treasury Director General, Dondo Mogajane, to the bank.

“The BRICS NDB has confirmed that the Director General of National Treasury, Mr Dondo Mogajane, has been appointed as the new Director representing South Africa,” said National Treasury on Friday.

Mogajane’s appointment follows the expiration of former Reserve Bank Governor Tito Mboweni’s term of service as Director of the NDB in early July.

The former governor commenced his term as South Africa’s Director at the NDB on 3 July 2015 for a two-year term, which ended on 2 July 2017.

Treasury said the nomination of Mogajane by the Minister of Finance, Malusi Gigaba, and subsequent appointment will ensure that no additional costs are incurred by government in remunerating an appointment from outside of public service. The move will also enhance strategic alignment and collaboration between the government of South Africa and the NDB.

In a letter formally informing Mboweni of the decision, Minister Gigaba has thanked the former governor for his excellent representation of the government of South Africa as a member of the Board and Chair of the Audit, Risk and Budget Compliance Committee with commendable professionalism and dedication.

The New Development Bank was established by BRICS - Brazil, Russia, India, China and South Africa - countries to finance infrastructure and sustainable development projects.

The bank, which lends money to developing countries to help finance infrastructure projects, is seen as an alternative to the World Bank and the International Monetary Fund.

Meanwhile, in accordance with Articles 11(a), 12(b) and (c) of the NDB Articles of Agreement, the NDB has also confirmed the following appointments:

  • The Deputy Minister of Finance, Sfiso Buthelezi, has been appointed as the Alternate Governor of the NDB for South Africa;
  • The Deputy Director General for Economic Policy at National Treasury, Monale Ratsoma, in his capacity as Acting Deputy Director General for International and Regional Economic Policy, will continue to serve as alternate Director of the NDB for South Africa. 

These appointments are in line with the practice from the other founding members of the NDB, whose representatives are from their countries’ Ministries of Finance and Treasury Departments. –

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