Leslie Maasdorp: BRICS bank - bringing development finance to the 21st century

The Vice President of the BRICS Bank Leslie Maasdorp tells Tim Modise that the New Development Bank to be established in South Africa will be global in character and will compliment the developmental funding institutions in the region. He says the Bank will operate differently from the Contingency Reserve Arrangement that will be run by the member Central Banks. The CRA will deal with liquidity challenges and has a differentiated funding model with China being the biggest contributor. He envisages the New Development Bank opening up membership to other countries. - Tim Modise