Dondo Mogajane departs as Director and Chairman of New Development Bank

Dondo Mogajane has stepped down as the Director for South Africa and Chairperson of the Board of Directors of the New Development Bank (NDB) following the conclusion of his two-year term of service at the end of March.

Established in 2015 by founding members Brazil, Russia, India, China, and South Africa (BRICS), the NDB aims to mobilise funding and capital for high-impact investments in infrastructure and sustainable development projects in developing countries. Its focal areas span numerous sectors such as clean energy, transport infrastructure, water and sanitation, environmental protection, social infrastructure, digital infrastructure, and COVID-19 emergency assistance.

As a former World Bank senior advisor, Director-General of National Treasury, and the current Chairperson of the Government Employees Pension Fund (GEPF), Mogajane brought extensive experience and expertise to the NDB Board in finance, intergovernmental relations, corporate governance, and sustainable development.

Reflecting on his time at the NDB, Mogajane said, “It was truly an honour and privilege to serve my country in this capacity. Bidding farewell to my fellow Board members, as well as the management and staff at the NDB was a difficult task, but I am thankful for the memories we shared and the progress we made together.”

His leadership was marked by many significant milestones. In August 2018, while he was serving as the Chairperson of the Audit, Risk, and Compliance Committee, the NDB achieved a ++A credit rating from global agencies Fitch, and Standard and Poor’s (S&P).
As the Chairperson of the Board, he further saw the expansion of the NDB’s membership to welcome Egypt, the United Arab Emirates and Bangladesh.

Likewise, at the end of 2018, the NDB had approved a cumulative total of 30 projects valued at some $8 billion. Demonstrating its rapidly growing impact, by the end of 2022, it had approved 96 projects totalling over $32.8 billion to develop 2,000 MW of clean and renewable energy, build 17,100 kilometres of road, increase drinking water capacity by 209,000 cubic meters per day, and reduce carbon emissions by 13.1 million tonnes per year.

“I am grateful for the many conversations and deliberations we shared at the Board of the NDB, and to have had the chance to contribute and learn from each other,” added Mogajane.

“By working together, we were able to advance the cause to support efforts by member countries to develop their countries and improve the livelihoods of their citizens.”

Mogajane expressed his gratitude to the South African authorities, Minister of Finance Enoch Godongwana, NDB President Dilma Rousseff, as well as his former colleagues at the NDB and at National Treasury for their unwavering support throughout his tenure.

He also extended his best wishes to Dr Duncan Pieterse, the new Director-General of National Treasury, as he takes on the role of Director for South Africa for the NDB.