SA gets $1bn Covid-19 emergency loan from Brics Bank
The New Development Bank has granted SA a second emergency loan in less than a year to help it cope with the effects of the pandemic
SA has secured a $1bn (R14.5bn) emergency loan from the New Development Bank (NDB) — the multilateral finance institution it established with Brazil, Russia, India, and China in 2014 — to help the country deal with the impact of the Covid-19 pandemic.
The NDB’s board of directors approved the $1bn “Covid-19 emergency programme loan to support SA’s economic recovery from the pandemic”, according to a statement posted on the Shanghai-based lender’s website on Thursday. The duration of the loan and its stipulated interest rate were not disclosed...