BRICS New Development Bank Approves $1 Billion Loan for South Africa’s Urban Infrastructure
According to the International Desk of Webangah News Agency, the Board of Directors of the New Development Bank (NDB) has approved a loan of up to $1 billion for South Africa to implement an urban infrastructure modernization program in the country’s metropolitan areas. This program will cover eight major cities, including Cape Town, Johannesburg, and Tshwane, with financial resources allocated for the development of water and wastewater networks, electricity supply, and urban waste management systems. The implementation of this initiative is expected to enhance the quality of life for citizens and improve the business environment, aligning with South Africa’s National Development Plan by 2030 and the United Nations’ Sustainable Development Goals, particularly SDG 11 for sustainable cities and communities.
The decision was made during a meeting of the NDB Board of Directors at the bank’s headquarters in Shanghai. Board members also approved the initial procurement processes for the construction of a new metro line in Lucknow, Uttar Pradesh, India. This project involves building an 11.2-kilometer metro line with 12 stations, and companies from non-member countries will be eligible to participate in the equipment procurement phase.
During the session, the bank’s financial statements for the first quarter of 2026, a revised risk management policy, and the proposed project portfolio for the current year were reviewed and approved. The Board also examined evaluation reports for a regional rapid transit project in India and the bank’s project portfolio in China. Another key discussion point was the expansion of the NDB’s membership, with the Board welcoming Uzbekistan as its newest official member.
Board members also presented proposals for the development of the bank’s new 5-year strategy for the period 2027-2031. The New Development Bank was established in 2015 by the BRICS nations—Brazil, Russia, India, China, and South Africa—to finance infrastructure projects in emerging economies. To date, the bank has approved 139 projects valued at approximately $43 billion and began admitting non-founder members in 2021.
