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Britain's development finance institution has appointed the former finance chief of the China-headquartered 'BRICS bank' as its new CEO, it said on Tuesday.
South African Leslie Maasdorp, whose term at the New Development Bank (NDB) as the BRICS bank is now called ended in July, will replace outgoing CEO Nick O'Donohoe at the head of British International Investment in the autumn.
O'Donohoe retires after seven years at BII.
Maasdorp was formerly vice president and chief financial officer of NDB, a multilateral development bank set up in 2015 by the BRICS group of emerging economies - Brazil, Russia, India, China and South Africa.
Headquartered in Shanghai and set up to support the development objectives of its member states including China, NDB offers a developing-country led approach in a market dominated by Washington-based multilateral institutions such as the World Bank.
NDB was expanded in 2021 to include Bangladesh, the United Arab Emirates and Egypt and had plans to deploy $5 billion of loans in 2024.
BII was set up in 1948, is entirely owned by the British government and invests about 1 billion pounds ($1.3 billion) a year across Africa, Asia and the Caribbean.