The New Development Bank (NDB), established by the BRICS group of emerging economies, has approved a loan of up to $1 billion to fund water and sanitation projects for low-income households in South Africa.
Announced on Saturday, the loan will be utilized through South Africa’s Municipal Infrastructure Grant, a conditional grant designed to reduce infrastructure backlogs and improve basic services in underprivileged communities.
In addition to this, the NDB has sanctioned a loan of $150 million in renminbi to China’s Bank of Communications Financial Leasing.
This loan will support a liquefied natural gas (LNG) transportation project by financing the acquisition of at least three LNG carriers. The move aims to meet the growing demand for LNG in China and bridge the gap in LNG carrier capacity.
