Maasdorp on BRICS bank's 'openness' and unique place in the MDB world

The New Development Bank — a financial institution founded by the so-called BRICS emerging economies, Brazil, Russia, India, China and South Africa — will open its membership to other countries in the next few years, the bank’s vice president and chief financial officer told Devex in an exclusive interview.

Leslie Maasdorp said that while the bank has focused on its five founding members since its operational launch exactly a year ago, the future is open to all member countries of the United Nations.

“The articles of agreement of the bank — a lot of people don't know this so it's important to highlight — says the bank is open. It is only the starting point that we are five countries,” Maasdorp, a former investment banker and government official in South Africa, told Devex on the sidelines of the inaugural annual meeting of the Asian Infrastructure Investment Bank in Beijing, China last week.