{"id":248015,"date":"2018-05-29T12:10:30","date_gmt":"2018-05-29T10:10:30","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=248015"},"modified":"2018-05-29T12:10:30","modified_gmt":"2018-05-29T10:10:30","slug":"new-development-bank-appoints-nhlanhla-nene-as-chairman","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/248015\/new-development-bank-appoints-nhlanhla-nene-as-chairman\/","title":{"rendered":"New Development Bank appoints Nhlanhla Nene as chairman"},"content":{"rendered":"<p>The New Development Bank held its <strong><a href=\"https:\/\/www.ndb.int\/press_release\/ndb-board-governors-board-directors-meetings-held-shanghai-china\/\">3rd Annual Meeting<\/a><\/strong> of the Board of Governors on Monday (28 May).<\/p>\n<p>The NDB is a multilateral development bank which was established by Brazil, Russia, India, China and South Africa in 2014.<\/p>\n<p>It is mandated to mobilise 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.<\/p>\n<p>Among other announcements, finance minister Nhlanhla Nene was elected as the Chairman of the Board of Governors (BoG), and will serve in this position until the end of the next BoG Annual Meeting. It was also decided that the next Annual Meeting of the Bank\u2019s BoG will be held in South Africa in 2019.<\/p>\n<p>The BoG also approved six projects from all five member countries of the NDB with loans aggregating $1.6 billion. 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.<\/p>\n<p>The approved South African development will be the Durban Container Terminal Berth Reconstruction Project, the bank said.<\/p>\n<p>&#8220;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,&#8221; it said.<\/p>\n<p>&#8220;The loan amount for the Durban Container Terminal Berth Reconstruction Project is $200 million (R2.5 billion).&#8221;<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/business\/234103\/durbans-r35-billion-waterfront-facelift-is-underway\/\" target=\"_blank\" rel=\"noopener\">Durban\u2019s R35 billion waterfront facelift is underway<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The New Development Bank held its 3rd Annual Meeting on Monday (28 May) &#8211; where South African finance minister Nhlanhla Nene was elected as the Chairman of the Board of Governors.<\/p>\n","protected":false},"author":10,"featured_media":71456,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-248015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/248015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=248015"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/248015\/revisions"}],"predecessor-version":[{"id":248021,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/248015\/revisions\/248021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/71456"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=248015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=248015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=248015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}