New Development Bank approves up to $1bn loan for South Africa urban infrastructure

Source: Reuters.

• "The program aims to boost investments in the provision of essential urban services, including water supply and sanitation, electricity and solid waste management," the NDB said in a summary of a meeting of its board of directors.

• The municipalities expected to receive investments are Johannesburg, Cape Town, Buffalo City, Ekurhuleni, eThekwini, Mangaung, Nelson Mandela Bay and Tshwane.

• The multilateral development bank was established in 2015 by Brics members Brazil, Russia, India, China and South Africa to fund infrastructure and sustainable development projects in emerging markets. In 2021 it expanded to include non-founding members.