New Development Bank (NDB) VP and CFO Leslie Maasdorp will step down from his role on July 7, after nine years of service at the bank.

In July 2015, South Africa’s Cabinet appointed Maasdorp as VP to represent the country at the NDB in Shanghai, China. Maasdorp was then appointed by the bank to the role of CFO and was a member of the founding management team of the institution, under the leadership of the first NDB president KV Kamath.

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

A recruitment process to identify a successor to Maasdrop is under way.

“On behalf of my colleagues, 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 new emerging markets-focused multilateral development bank. I want to wish him well in his future endeavours,” says Finance Minister Enoch Godongwana.

“It has been a distinct pleasure and honour to serve South Africa over the past nine years as VP and CFO of the NDB. I wish to thank Minister Godongwana, his predecessors during these nine years, as well as the Cabinet colleagues for having afforded me this incredible opportunity to be part of a historic mission to create a new global financial institution from scratch.

“Over this period, NDB approved over $6-billion of loans to South Africa contributing significantly to the rollout of sustainable infrastructure, including in rail, ports, power, roads and water projects,” Maasdorp comments.