The New Development Bank (NDB), founded by the BRICS nations, has approved a $1 billion loan to improve water and sanitation infrastructure in South Africa. The funding, through South Africa’s Municipal Infrastructure Grant program, aims to address infrastructure backlogs and enhance basic services for underserved communities.
The announcement came during the NDB’s annual general meeting in Cape Town. Established in 2015 by Brazil, Russia, India, China, and South Africa, the bank now also includes the United Arab Emirates, Egypt, Bangladesh, and Uruguay.
NDB President Dilma Rousseff confirmed Algeria’s approval for membership. While several Global South countries have applied to join, their names remain undisclosed pending further assessment.
The NDB discussed its future expansion plans, emphasizing support for both long-term projects and short-term financing needs for private companies. The bank aims to allocate 30% of its loans in member currencies, though it has not yet achieved this goal.
In addition, the NDB has approved a $150 million loan in renminbi to China’s Bank of Communications Financial Leasing Co. for acquiring LNG carriers to meet rising demand in China. It also revised its policy on processing sovereign loans to enhance efficiency and approved a club loan facility of up to $1.5 billion.
