South Africa secures $1bn from BRICS bank for urban infrastructure
The New Development Bank (NDB) has approved $1 billion for South Africa’s infrastructure upgrades.
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, Reuters reported citing a statement from the the bank.
The benefiting municipalities are Johannesburg, Cape Town, Buffalo City, Ekurhuleni, eThekwini, Mangaung, Nelson Mandela Bay and Tshwane.
NDB was set up in 2015 by BRICS countries Brazil, Russia, India, China and South Africa.
It mainly lends to infrastructure projects such as energy, roads and ports.
South Africa’s infrastructure gap was estimated at between $254-329 billion for 2022-2030, according to the bank.
