South Africa agrees $1 billion infrastructure loan with New Development Bank
South Africa has secured a one billion dollar loan agreement. This funding from the New Development Bank will facilitate crucial municipal infrastructure upgrades. The loan carries a sixteen-year maturity and includes a three-year grace period. In...
By Reuters |
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Johannesburg: South Africa's government has signed a $1 billion loan agreement with the New Development Bank to upgrade municipal infrastructure, its National Treasury said on Tuesday.
The Treasury gave the maturity of the loan from the BRICS-backed lender as 16 years, with a three-year grace period and interest rate of Daily SOFR (Secured Overnight Financing Rate) plus 1.18508%.
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.
The Treasury gave the maturity of the loan from the BRICS-backed lender as 16 years, with a three-year grace period and interest rate of Daily SOFR (Secured Overnight Financing Rate) plus 1.18508%.
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.
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