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The New Development Bank (NDB), established by the BRICS countries, has approved $1 billion to support infrastructure upgrades in South Africa.
The bank said the funds will be used to improve essential urban services, including water supply and sanitation, electricity, and solid waste management across eight municipalities.
According to Reuters, which cited a statement from the bank, the benefiting municipalities include Johannesburg, Cape Town, Buffalo City, Ekurhuleni, eThekwini, Mangaung, Nelson Mandela Bay, and Tshwane.
The bank noted that South Africa’s infrastructure funding gap is estimated at between $254 billion and $329 billion for the period 2022 to 2030.
In 2015, the NDB was established by the BRICS countries – Brazil, Russia, India, China, and South Africa – and focuses on financing infrastructure projects such as energy, roads, and ports.
