Question NW876 to the Minister of Finance

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03 May 2018 - NW876

Profile picture: America, Mr D

America, Mr D to ask the Minister of Finance

(a) What amount in funding did South Africa contribute towards the New Development Bank in each year since its establishment in 2014 and (b) will South Africa contribute to the specified bank in each of the next ten financial years?

Reply:

South Africa’s contribution is guided by Attachment 2 of the Articles of Agreement of the New Development Bank – the schedule of Payment of Initial Subscriptions to the Paid in Capital by the Founding Members.

a)

  • In the financial year 2015/16, the capital obligation was US$150 million; the actual capital transfer amounted to R 2.298 billion.
  • In the financial year 2016/17, the capital obligation was US$ 250 million; the actual capital transfer amounted to R 3.515 billion.
  • In the financial year 2017/18, the capital obligation was US$300 million; the actual capital transfer amounted to R 4.088 billion.

b)

- The capital obligation for the year 2018/19 is US$300 million.

- The capital obligation for the year 2019/20 is US$300 million.

- The capital obligation for the year 2020/21 is US$350 million.

- The capital obligation for the year 2021/22 is US$350 million.

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