JOHANNESBERG, June 18 – The New Development Bank (NDB) has approved a loan of up to $1 billion to support upgrades to urban infrastructure across eight metropolitan municipalities in South Africa.
The bank, which is backed by the BRICS group of emerging economies, said the funding will be used to improve key urban services including water supply, sanitation, electricity and solid waste management.
According to a summary of the bank’s board meeting, the investment is aimed at strengthening service delivery in major cities and improving basic infrastructure systems.
The municipalities set to benefit from the programme include Johannesburg, Cape Town, Buffalo City, Ekurhuleni, eThekwini, Mangaung, Nelson Mandela Bay and Tshwane.
The New Development Bank was established in 2015 by Brazil, Russia, India, China and South Africa to finance infrastructure and sustainable development projects in emerging markets. In 2021, the bank expanded its membership to include additional countries beyond its founding members as part of its wider development financing push.
