'BRICS bank will play a major role, but much work lies ahead'
July 07, 2015 02:33
The BRICS-backed New Development Bank will play a major role in multilateral development of financial institutions, but there are still many unanswered questions at this stage, the bank's newly- appointed vice president Leslie Maasdorp has said.
As leaders of the bloc meet in the Russian city of Ufa for the 7th summit of the organisation, Maasdorp told the daily Star that the unanswered questions were because of the fact that the bank was still at ground zero in terms of its establishment.
"The Treasury in South Africa together with the other treasuries in the BRICS countries have done considerable work over the past few years as part of the feasibility studies for the bank," said Maasdorp, a South African banker.
"We will naturally leverage off that work as a significant resource base to steer the establishment of the bank," Maasdorp said. Maasdorp said he could not comment further on how this would pan out as the president and three other vice presidents had just been appointed to finalise these matters over the next few weeks in Shanghai.
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