Another $1 Billion From the BRICS New Development Bank

Another $1 billion from the BRICS New Development Bank

South Africa is set to receive a $1 billion (R16 billion) loan from the BRICS New Development Bank (NDB) to upgrade infrastructure in its eight metros. The money will go to Johannesburg, Cape Town, Buffalo City, Ekurhuleni, eThekwini, Mangaung, Nelson Mandela Bay, and Tshwane. The announcement was made at the bank’s 51st Board of Directors meeting at its headquarters in Shanghai, China. According to a press release, the loan is “expected to enha…

South Africa secures $1bn from BRICS bank for urban infrastructure

The funds will support investment in the provision of essential ​urban services, including water supply and sanitation, electricity and solid waste management in eight South African municipalities

New Development Bank approves up to $1bn loan for South Africa urban infrastructure

The New Development Bank (NDB) has approved a loan of up to $1bn for South Africa to upgrade its urban infrastructure in eight metropolitan municipalities, the lender backed by the Brics group of emerging economies said.

BRICS-Owned NDB Approves $1bn Infrastructure Loan For South Africa

By Enyichukwu Enemanna The New Development Bank (NDB), a multilateral lender established by members of BRICS bloc has approved a $1 billion loan to assist South Africa in modernising its critical municipal infrastructure, with a particular focus on eight major cities. The financing, announced on June 15, will support a programme aimed at improving water, sanitation, electricity, and waste-management services for about 22 million residents in Buf…