Barbara Curson
3 minute read
20 Oct 2020
8:49 am

Can DBSA aid SA’s recovery?

Barbara Curson

Citizens entitled to know where the bank has ‘invested’ its money.

Picture: iStock

The Development Bank of South Africa (DBSA) has published its annual report for the year ended March 31, 2020, and received a clean audit report from the Auditor-General (AG). The DBSA was established in 1983 to perform an economic development function. The scope was widened in 1997 to “promote, facilitate and by funding to mobilise the socioeconomic development” in southern Africa. Unfortunately, through no fault of its own, funding given to certain state-owned entities (SOEs) has not achieved the intended objective, and billions have been wasted. Moody’s credit opinion at April 2 Moody’s has downgraded DBSA to Ba1, with a...