PRETORIA– South African Finance Minister Nhlanhla Nene has been appointed Chairman of the New Development Bank (NDB) Board of Governors at the 3rd annual meeting of the NDB Board of Governors and the 14th meeting of the NDB Board of Directors (BoD) held in Shanghai Monday.

Mr Nhlanhla Nene was elected as the Chairman of the BoG and will serve in this position until the end of the next BoG annual meeting, said the NDB in a statement received here Wednesday.

The New Development Bank is a multilateral development bank established by the BRICS grouping of leading emerging nations comprising Brazil, Russia, India, China and South Africa (BRICS) in 2014.

It is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.

At this week’s meetings, members of the boards noted the progress of the Bank and expansion of its business scope and provided guidance for its future. During the 14th Board of Directors meeting, the board discussed the Bank’s work, including project pipelines in the member countries of the NDB.

Meanwhile, the directors also approved six projects from all five member countries of the NDB with loans totalling 1.6 billion US dollars.

It was highlighted that in 2018 the Bank has significantly strengthened its project portfolio, and the total amount of approvals in 2018 has reached 1.7 billion USD. With the six projects approved today (Monday), the total amount of the Bank’s portfolio has reached over 5.1 billion USD.

Among the six projects is South Africa’s Durban Container Terminal Berth Reconstruction Project. The project is aimed at helping the South African state-owned transportation company, Transnet, to enhance the capacity of its port in Durban, through the rehabilitating of its container terminal berths that are currently operating beyond their original design and the upgrading of port infrastructure to provide additional slots for larger vessels. The loan amount for the Durban Container Terminal Berth Reconstruction Project is 200 million USD.

It was also decided that the next annual meeting of the bank’s Board of Governors will be held in South Africa in 2019.