The Development Bank of Southern Africa was established in 1983 to perform an economic development function within the constitutional dispensation then obtained. The transformation of the constitutional and economic dispensation of South Africa by virtue of the Constitution of the Republic of South Africa, 1996, and otherwise, necessitated the transformation of the role and function of the Development Bank of Southern Africa in order to promote economic development and growth on the African continent and its oceanic islands within an integrated financial development system which has as its aim the efficient deployment of scarce resources. On account of the aforesaid reasons it has now become desirable to reconstitute the Development Bank of Southern Africa in order to promote, facilitate and by funding to mobilise the socio-economic development, while efficiency, fairness, transparency and responsibility are promoted at the same time.

BE IT THEREFORE ENACTED by the Parliament of the Republic of South Africa, as follows:—

[Preamble substituted by section 9 of Act No. 41 of 2014]