The Parliament of the South African Republic ratified an international agreement establishing the BRICS New Development Bank and the $100 billion Contingency Reserve Arrangement on 26 June, 2015, Bloomberg reported.
Tito Mboweni, former Governor of the South African Reserve Bank, was appointed as South Africa's Non-Executive Director to the Board of the BRICS Bank, while Leslie Maasdorp, who has experience working in senior management at Barclays, Goldman Sachs and Bank of America, was nominated as BRICS Bank Vice President by the South African Cabinet.
BRICS Finance Ministers agreed, at the first meeting under Russia's presidency, to ratify the New Development Bank agreement before the Ufa Summit on 9-10 July.
Russia ratified the BRICS bank in March 2015, and the Contingency Reserve in April. India did the same in April.