The BRICS bank has appointed Monale Ratsoma, as the Chief Financial Officer of the New Development Bank (NDB). Ratsoma had served as Director-General of the NDB Africa Regional Centre since 2018, as well as holding senior positions at the National Treasury: Deputy Director-General for Economic Policy and as Acting DDG of International and Regional Economic Policy.
This appointment is significant as the NDB plays a vital role in sustainable development projects and funding infrastructure across member countries. These countries include Brazil, Russia, India, China and South Africa. Ratsoma had been overseeing the African Regional Office since 2008 until his recent promotion to managing the Treasury, portfolio management, finance and accounting functions of the bank.
Finance Minister Enoch Godongwana released a statement on Monday confirming Ratsoma’s appointment to take over financial responsibilities at the BRICS-owned lender. He expressed confidence in Ratsoma’s capability to perform the demanding responsibilities of the role. He highlighted the need for tailored financial solutions to address climate change and issues with underdevelopment.
Godongwana emphasized Ratsoma’s potential to advance the NDBs mission despite a sluggish global economic recovery. Furthermore, he said, “He is an accomplished and dedicated servant of the country and continent, and we are proud that he will now lend his skills to the New Development Bank.” Ratsoma’s background in development finance, investment and international capital markets is a wealthy experience that allows him to contribute significantly to South Africa’s goals.
His expertise suggests that his role in enhancing the country’s efforts to secure the concessional and competitive funding will be significant. The NDB is a key financial institution for the BRICS member states focusing on infrastructure funding and project developments. According to Godongwana, Ratsoma’s appointment followed a precise nomination process led by the Treasury. The New Development Bank conducted an intense interview process to make the final decision.
This process highlights the careful consideration and transparent procedures that are involved in appointing officials at the NDB thus emphasizing the importance of ensuring competence and suitability for the roles. He highlighted the need for tailored financial solutions to address climate change and issues with underdevelopment.
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