Treasury director general appointed NDB director

The BRICS New Development Bank (NDB) has confirmed that Treasury director general Dondo Mogajane has been appointed as the new director representing South Africa.

This follows the expiration of former Reserve Bank governor Tito Mboweni’s term of service as director of the NDB in early July.

Mboweni's two-year term as South Africa’s director at the bank commenced on July 3 2015 and ended on July 2 2017.

Treasury said in a statement that the nomination of Mogajane by Finance Minister Malusi Gigaba and his subsequent appointment "will ensure that no additional costs are incurred further by government in remunerating an appointment from outside of public service while also enhancing strategic alignment and collaboration between the government of South Africa and the Bank".

The NDB has also confirmed that Deputy Finance Minister Sfiso Buthelezi will serve as the alternate governor of the NDB for South Africa and Treasury deputy director general for economic policy 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 also in line with the practice from the other founding members of the Bank whose representatives are from their countries’ Ministries of Finance and Treasury departments‚" Treasury said.

- BusinessLIVE