Brics bank has $600m for SA to level the playing fields with its peers
The New Development Bank plans to lend as much as $600m more in SA in 2018 in an effort to level the playing field among its five member states. The lender, backed by Brazil, Russia, India, China and SA (Brics), started operations in 2015 to support infrastructure projects and sustainable development initiatives in emerging economies. Leaders of the informal Brics club of nations will gather in Johannesburg next week for its 10th summit. "Our aim is to be equitable among our five members," the bank’s president, KV Kamath, said in an interview. "If you look at the $4bn we will be doing this year, we should be lending around $800m" in each nation, he said. "I hope this year, we will hit that number." In May, the New Development Bank announced a $200m loan to Transnet, the state-owned ports and freight operator, to rehabilitate container terminals in Durban. It would ramp up efforts to grow sustainable infrastructure in the country with two further loans, Kamath said. One of these woul...
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