New Development Bank Vp Leslie Maasdorp To Step Down

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new development bank vp leslie maasdorp to step down

THE New Development Bank said yesterday its vice-president, chief financial officer and debt officer Leslie Maasdorp would step down from July 7, 2024, after his term expired.

A process of appointing a successor to Maasdorp was under way.

The Cabinet appointed Maasdorp as vice-president to represent South Africa at the New Development Bank in Shanghai in 2015. Maasdorp was then appointed by the Bank as chief financial officer and was a member of the founding management team, under the leadership of Kundapur Vaman Kamath, the first NDB president.

At the expiry of his contract in 2021, Maasdorp was reappointed by the Cabinet for a second term of three years.

Finance Minister Enoch Godongwana said in a statement: I wish to express our sincere gratitude to Mr Maasdorp for the distinction with which he has served South Africa in this role. 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 $15 billion during his tenure.

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, the minister said.

Maasdorp said: It has been a distinct pleasure and honour to serve South Africa over the past nine years as vice-president and CFO of the NDB. Over this period, NDB approved over $6bn of loans to South Africa, contributing significantly to the roll-out of sustainable infrastructure, including in rail, ports, power, roads and water projects.