Ebrahim Rasool has resigned as an independent non-executive director and chair of the board of the Development Bank of Southern Africa (DBSA) following his appointment as South Africa’s Ambassador to the United States for a second stint.
The DBSA announced today that Rassol’s resignation is effective from 30 November 2024.
Rasool’s appointment as permanent chair of the DBSA was approved by the Cabinet in November last year after more than two years of the bank operating with an acting chair.
He told Newzroom Afrika yesterday that his “marching orders” were to mend the relationship between South Africa and one of its largest traders in the world on the back of the election of Donald Trump to the White House.
“My marching orders are to help heal the relationship between South Africa and the United States, to be present at Washington D.C., and to fight for our interests while defending our values,” Rasool said.
The former Western Cape Premier served as the South African Ambassador to the US from 2010 to 2015, and has previously served as a Member of Parliament, Special Advisor to the State President, and has built up extensive experience in various Departments like Health, Welfare, Finance and Economic Development in the capacity of Provincial Minister.
“The Board of directors expresses its appreciation for his valuable contribution to the Bank and wishes Mr. Rasool well in his new role as South Africa’s Ambassador to the US,” said the DBSA in a statement, adding that his resignation also impacts several key committee positions.
“Consequently, Mr. Rasool will no longer serve as the chair of the Nomination Committee, member of the Infrastructure Delivery and Knowledge Management Committee, member of the Human Resources and Remuneration Committee and the Board Credit and Investment Committee effective from 30 November 2024.”
The chair of the DBSA Board and Nominations Committee will be announced on SENS once the appointment has been finalised.
Meanwhile, the Board remains properly constituted in terms of the Development Bank of Southern Africa Act and can continue to perform and exercise its fiduciary obligations effectively.
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