ANNUAL REPORTS

Chairman’s report continued
disbursement of municipal infrastructure grants, with
R8,7 billion invested in local infrastructure in this respect.
The overall beneficiation of DBSA interventions amounted
to R17 billion, similar to the levels achieved during 2009/10.
This is a remarkable achievement given the challenging
operating conditions.
The Bank’s Africa operations in particular built up strong
momentum in 2010/11, which saw unprecedented year-onyear
growth in new project approvals, commitments and
disbursements. Disbursements and commitments more
than doubled compared to the previous year on the back of
resumed infrastructure investments in the region. Two groundbreaking
major road investments were approved in Zambia and
Zimbabwe, robustly advancing priority regional initiatives such
as the North-South Corridor, which is championed by South
African President Jacob Zuma on behalf of the African Union.
In line with government’s emphasis on promoting regional
integration through infrastructure, the DBSA will continue
to target programmes and projects strategically, not only in
SADC but in other sub-regions, in support of interregional
integration and the New Partnership for Africa’s Development
(NEPAD). In the year ahead, a new regionally dedicated
institutional vehicle will be established within the DBSA
Group to enable the organisation to strengthen its
positioning in the region and leverage additional risk capital
from strategic partners.
The Bank’s overall financial position remains sound and
allows for step-change growth in its lending and investment
portfolio over the medium term. However, increased
financial and other support for the rollout of anticipated
national programmes, among other considerations, will
generate increased requirements for appropriately priced
funding; the Bank and the National Treasury are taking
specific measures in this respect.
The sheer magnitude and complexity of the development
challenges confronting South Africa and the continent
at large demand that we work harder and smarter, build
strong partnerships, and infuse a culture of excellence
in all facets of the DBSA’s operations. Auspiciously, the
Bank’s achievements were recognised during the year
when it received the prestigious “Best Development Bank
in Africa” award, which is presented annually during the
International Monetary Fund/World Bank annual meetings.
There is no room for complacency, however, and the Board
will continue to challenge the Bank’s management and
staff to push the boundaries of the possible in seeking
new, innovative and scalable solutions to the many
challenges that lie ahead.
The Governor of the Bank, Minister Pravin Gordhan, has
provided invaluable strategic guidance and support to
the Bank during the year, for which we are sincerely
grateful. I wish to express my heartfelt appreciation to the
Chief Executive Officer, Paul Baloyi, and his competent
and committed management team and staff for the hard
work and dedication over the year.
I am confident that even more will be achieved during the
year ahead. My colleagues on the Board have fulfilled
their fiduciary responsibilities with strong commitment and
provided valuable direction and support to the Bank. Last
but not least, my deep appreciation to my predecessor,
Jay Naidoo, who served this organisation with unwavering
commitment and left a legacy that not just the Bank but
our country can be proud of.
Phillip Jabulani Moleketi
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DBSA DBSA | ANNUAL | ANNUAL REPORT REPORT 2010/11 2010/11