he New Development Bank is formally “open for business” and the recruitment process for its Africa Regional Centre in Johannesburg has started, National Treasury announced this weekend.
Treasury said in a statement the bank is in the process of establishing the Africa Regional Centre in Johannesburg, as announced by Finance Minister Pravin Gordhan in his 2016 Budget Speech.
Treasury said South Africans are encouraged to apply to work for the bank.
The start of formal operations of the so-called Brics Bank follows an agreement signed on February 27 2016 by the People’s Republic of China and the New Development Bank regarding the headquarters of the New Development Bank. The headquarters will be in Shanghai, China.
This agreement marks the completion of legal procedures that give way for the bank to begin its operations. The bank is intended to finance infrastructure and sustainable development projects in the Brics (Brazil, Russia, India, China and South Africa) and other emerging economies and developing countries.
In December last year President Jacob Zuma said the Brics New Development Bank is a concrete reality. Zuma also announced that axed finance minister Nhlanhla Nene was nominated to head the regional centre.