A New Development Bank (NDB) set up by the Brics group of emerging economies plans to lend $1.5bn to SA for infrastructure projects over the next eighteen months. The Brics — Brazil, Russia, India, China and SA — agreed to create the infrastructure-focussed lender in July 2014 as an alternative to the World Bank, launching it a year later. The bank, headquartered in Shanghai, officially opened its African regional centre in Joburg on Thursday which will identify projects that it can fund. "We have an appetite to do about $1.5bn of lending to SA for the next 18 months and the task before the members of the Africa regional centre is to make sure that this pipeline is rectified into actual lending projects," the bank’s president Kundapur Kamath said at the launch.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.