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South Africa to Host NDB Annual Meeting

by Central News Reporter
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New Development Bank (NDB)

New Development Bank (NDB)


The South African Cabinet has given the green light for the country to host the annual meeting of the New Development Bank (NDB) in June 2024. This significant event comes a decade after the establishment of the NDB by BRICS countries.

Addressing the media about the recent Cabinet resolutions, Minister in the Presidency Khumbudzo Ntshavheni highlighted the historic step taken ten years ago when the BRICS nations signed the NDB’s Articles at the 6th BRICS Summit in Fortaleza, Brazil. “South Africa is looking forward to host the meeting on the NDB and commits to working hand-in-hand with the bank and its member countries to achieve sustainable development and create a better the African continent,” said Ntshavheni, acknowledging the nation’s R25 billion contribution to the bank’s paid in capital.

In addition to this international event, the Cabinet has endorsed a vital domestic strategy for social services. The Strategy for the Employment of Social Service Professionals (SSPs) is set to enhance the capacities of governmental and non-governmental entities, as well as the private sector, to combat various social ills that plague South Africa. These issues include crime, gender-based violence and femicide, among others.

“The strategy is a collective commitment to building a social service sector that is responsive to the needs of our communities and overcome social ills such as crime, gender-based violence and femicide, teenage pregnancy, bullying, child-headed households, mental health and substance abuse,” explained Ntshavheni. She added that the strategy also paves the way for a society that nurtures social inclusivity and resilience.

Furthermore, in the realm of social security, the South African government has called on the public to voice their opinions on the revised Green Paper on Comprehensive Social Security. The drafts propose significant reform, including a mandatory social security pension system covering retirement, disability, and death benefits for all workers. Provisions ensure that low-income earners receive appropriate subsidies.

Ntshavheni elaborated on the paper’s ambitions to realign the current systems: “The paper further proposes the harmonisation of the tax treatment of older persons in the tax and social grant system to address the unequal treatment of older persons in the two regimes.” She also highlighted the aim to overhaul institutional ethos to bolster coherence in policymaking, enhance efficiency, and ensure stringent governance across social security arrangements.

Minister in the Presidency Khumbudzo Ntshavheni
Minister in the Presidency Khumbudzo Ntshavheni

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