https://en.sputniknews.africa/20240901/new-development-bank-approves-substantial-1-bln-loan-to-support-water-projects-in-south-africa-1068098369.html
New Development Bank Approves Substantial $1 Bln Loan to Support Water Projects in South Africa
New Development Bank Approves Substantial $1 Bln Loan to Support Water Projects in South Africa
Sputnik Africa
BRICS New Development Bank was created in 2015, with Russia, Brazil, India, China, and South Africa becoming its first members. In 2021, Bangladesh, Egypt, the... 01.09.2024, Sputnik Africa
2024-09-01T12:24+0200
2024-09-01T12:24+0200
2024-09-02T19:00+0200
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BRICS' NDB, during its 9th Annual Meeting of the Board of Directors in Cape Town this week, has approved a substantial loan of up to $1 billion to support water and sanitation projects in South Africa.This investment will specifically target poorer households, aiming to improve access to essential services and address existing infrastructure backlogs.The loan will be channeled through South Africa's Municipal Infrastructure Grant, a program designed to empower municipalities in providing essential services to underserved communities.In a separate move, the NDB, established by the BRICS group in 2015, has also approved a $150 million loan, denominated in Chinese yuan, to China's Bank of Communications Financial Leasing.This funding will support the acquisition of LNG carriers, contributing to the growing demand for liquefied natural gas in China.
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economy, south africa, china, new development bank (ndb), brics, liquefied natural gas (lng), development, water security, water resources, southern africa
New Development Bank Approves Substantial $1 Bln Loan to Support Water Projects in South Africa
12:24 01.09.2024 (Updated: 19:00 02.09.2024) Muhammad Nooh Osman
Writer/Editor
BRICS New Development Bank was created in 2015, with Russia, Brazil, India, China, and South Africa becoming its first members. In 2021, Bangladesh, Egypt, the UAE, and Uruguay joined the bank. The bank's activities are aimed at financing infrastructure and sustainable development projects in the BRICS states and developing countries.
BRICS' NDB, during its 9th Annual Meeting of the Board of Directors in Cape Town this week, has approved a substantial loan of up to $1 billion to support water and sanitation projects in
South Africa.
This investment will specifically target poorer households, aiming to improve access to essential services and address existing infrastructure backlogs.
"We welcome the NDB's funding commitments. They will go a long way in assisting us with the funding challenges faced by some of our programmes and parastatals. Every cent is welcome," said Minister of Finance and NDB Governor, Enoch Godongwana.
The loan will be channeled through South Africa's Municipal Infrastructure Grant, a program designed to empower municipalities in providing essential services to underserved communities.
In a separate move, the NDB,
established by the BRICS group in 2015, has also approved a $150 million loan, denominated in Chinese yuan, to China's Bank of Communications Financial Leasing.
This funding will support the acquisition of LNG carriers, contributing to the growing demand for liquefied natural gas in China.
