The Development Bank of Southern Africa (“Bank”), a state owned entity, was created for accelerating sustainable socio-economic development and improve the quality of life in countries members of the Southern African Development Community i.e. Angola, Botswana, Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe.
The regime of the Development Bank of Southern Africa is governed by the Development Bank of Southern Africa Act, 1997.
An Amendment is currently under discussion before Parliament which will provided several changes:
- specify the regions in which the Bank may operate;
- increase the authorised share capital of the Bank from five thousand million to twenty billion and two hundred million rand divided into two million and twenty thousand ordinary shares;
- amend the provisions regarding the issuing of certificates for issued shares;
- enable the Minister of Finance to increase the authorised share capital;
- empowering the Minister to regulate the use of callable capital of the Bank to calculate the leverage ratio of the Bank; and
- omitting the provision empowering the Minister to determine the region in which the Bank may operate.