New Development Bank approves $200m Durban project

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The project aims to help Transnet enhance capacity at its Durban port, part of $1.7bn the bank has approved for Brics projects in 2018 The project aims to help Transnet enhance capacity at its Durban port, part of $1.7bn the bank has approved for Brics projects in 2018

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The project aims to help Transnet enhance capacity at its Durban port, part of $1.7bn the bank has approved for Brics projects in 2018

Former president Jacob Zuma never kept his promise to Nhlanhla Nene, when he dismissed him as finance minister in December 2015, that he would be deployed to take up a senior position with the New Development Bank — but now, Nene — Finance Minister once again under President Cyril Ramaphosa — has achieved this on his own merits.

Nene was elected chairman of the bank’s board of governors at its third annual meeting in Shanghai, China on Monday. He will serve in the position until the end of the next annual meeting of the board of governors, which will be held in SA next year.

Back in 2015, Zuma said the reason for dismissing Nene was so he could be nominated as head of the Africa regional centre of the bank. This never happened.

The New Development Bank is a multi-lateral development bank established by Brazil, Russia, India, China and SA (the Brics countries) in 2014. The bank is mandated to mobilise resources for infrastructure and sustainable development projects in Brics and other emerging economies and developing countries.

Monday’s meeting approved a $200m project for the reconstruction of the Durban Container Terminal berth. This was one of six projects from the five member countries that was approved by the board with loans totaling $1.6bn, bringing the bank’s total portfolio to more than $5.1bn. Total approvals for 2018 amount to $1.7bn.

"The project is aimed at helping the South African state-owned transportation company Transnet 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," a statement by the bank said.

The meeting also adopted the audited financial statements of the bank for the year ended December 2017 and discussed the project pipelines in member countries.


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