Online Reporter
SHANGHAI. – The board of directors of the New Development Bank has approved a loan of up to US$1 billion to South Africa for the implementation of a programme to modernise the infrastructure of urban utilities in the country.
The programme will cover eight metropolitan municipalities, including Cape Town, Johannesburg, and Tshwane.
The investment will be directed towards developing water supply and sanitation, electricity supply, and improving the solid waste management system.
This is expected to enhance the quality of life for the population and improve the business climate in the regions, in line with the objectives of South Africa’s National Development Plan up to 2030. Furthermore, the project will support the achievement of the United Nations Sustainable Development Goals, particularly those relating to the creation of sustainable cities and communities.
The directors’ meeting took place at the bank’s headquarters in Shanghai. In addition to the financing decision on South Africa, the meeting approved the launch of early procurement procedures involving companies from non-NDB member countries for the construction of a new metro line in the Indian city of Lucknow, the capital of the state of Uttar Pradesh.
The project involves the construction of 11.2 km of track, along with 12 stations.
The directors approved the NDB’s condensed financial statements for the first quarter of 2026 and the revised risk management policy and also discussed the prospective project portfolio for the current year. – tvbrics.com
