BRICS to help South Africa develop urban infrastructure
The BRICS New Development Bank approved a loan of up to $1 billion to upgrade infrastructure in eight major cities in South Africa, including Johannesburg, Cape Town, and Ethekwini.
According to the bank, the program will upgrade water, sewer, electricity, and waste management systems for approximately 22 million people. The funding is part of South Africa's National Development Plan for 2030.
The BRICS New Development Bank (NDB) is an international financial institution established by the BRICS countries to finance infrastructure and sustainable development projects. The bank has been operational since 2015 and is headquartered in Shanghai.
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