The New Development Bank (NDB), formerly known as the BRICS Development Bank, plans to lend up to $ 600 million more to South Africa this year to spread funding more equitably between its five Member States.
“Our goal is to be fair among our five members. If you look at the $ 4 billion we are going to make this year, we should lend about $ 800 million to each country. I hope this year we will reach that figure, “said NDB President K.V. Kamath, quoted by Bloomberg.
NDB announces two new loans for South Africa, Kamath said. One of them will go to a bank which, in turn, will lend these funds for renewable energy projects. The second will be made available to the infrastructures.
As a reminder, last May, the bank granted a $ 200 million loan to Transnet SOC Ltd., a South African port and cargo operator, to rehabilitate the Durban container terminals on the country’s east coast.
Note that the Shanghai-based bank will also start raising funds and lending in South African rand to help protect its clients from currency risk.
