NDB seeks successor as Maasdorp era ends
The New Development Bank (NDB) says a process is under way to find a successor to Leslie Maasdorp, who is due to step down at the end of his term.
Maasdorp will step down as vice-president, CFO and debt officer of the NDB with effect from July 7 when his term expires, the bank said on Wednesday.
The NDB, formerly the Brics Development Bank, was set up in 2015 to give Brics members a greater say in financing infrastructure than in Western-led institutions such as the World Bank.
Maasdorp was named by SA to represent the country at the NDB in July 2015 and was then appointed by the bank to the role of CFO and was a member of the founding management team of the institution.
At the expiry of his contract in 2021, he was reappointed by SA’S cabinet for a second term of three years.
“As CFO, he led the treasury and capital markets activities of the bank, having established the global and domestic bond programmes for the institution, raising more than $15bn during his tenure, finance minister Enoch Godongwana said in a recent statement.
“He also led the process of obtaining the inaugural credit rating of the Bank in 2018, which established the institution as a leading new emerging markets-focused multilateral development bank,” he said.
Commenting on his imminent departure, Maasdorp said: “It has been a distinct pleasure and honour to serve SA over the past nine years. Over this period, the NDB approved over $6bn of loans to SA contributing significantly to the rollout of sustainable infrastructure, including in rail, ports, power, roads and water projects.”
The cabinet will announce the new vice-president to the NDB after the recruitment process has been completed, the ministry said.