The Brazil, Russia, India, China and South Africa (Brics) grouping’s New Development Bank (NDB) is formally “open for business”.

The People’s Republic of China and the NDB last month signed an agreement regarding the headquarters of the bank in Shanghai, China, marking the completion of legal procedures that gave way for the bank to start operations.

South Africa’s National Treasury on Monday said the NDB was in the process of establishing its African regional centre in Johannesburg.

It had also started its recruitment process and South Africans were encouraged to apply.

In February, South Africa asked the NDB for $250-million in funding to connect new power plants to the national grid. If approved, the money would be used to build transmission lines connecting solar and wind power plants to a national grid to diversify away from coal.

Banking firm Bank of America Merrill Lynch Southern Africa president Leslie Maasdorp was nominated VP of the NDB, while former South African Reserve Bank governor Tito Mboweni was appointed nonexecutive director.

Maasdorp would be responsible for the treasury and portfolio management, as well as the finance budgeting and accounting functions.