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BRICS Bank to allocate $100 mln to South Africa for infrastructure projects

"Our collaboration highlights a shared vision of promoting sustainable infrastructure development initiatives and driving economic growth in South Africa," the vice president of NDB stressed

SHANGHAI, October 13. /TASS/. BRICS’ New Development Bank (NDB) and the Development Bank of South Africa (DBSA) signed a $100 million loan agreement for the sustainable infrastructure development program in South Africa, the NBR press service announced on NDB’s official website.

Funds will be allocated to stimulate the country's economic growth, develop social and digital infrastructure, as well as projects in the field of clean and renewable energy. The loan is provided in accordance with the NDB's strategy for 2022-2026, which is designed to help solve infrastructure problems, as well as cover new sectors of the South African economy, such as social and digital.

"Signing of this loan agreement and recommitting to the DBSA is a testament of the strategic partnership between NDB and DBSA. Our collaboration highlights a shared vision of promoting sustainable infrastructure development initiatives and driving economic growth in South Africa, in line with its national development plans and priorities," says Mr. Vladimir Kazbekov, Vice President of NDB, as quoted by the press service.

The agreement on establishing the BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The bank’s starting capital was set at $100 bln. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

The Bank was assigned international credit ratings of AA+ by Fitch Ratings and S&P Global Ratings, which make it possible to effectively raise long-term funding on international and local capital markets.

Over the years, the bank has approved 98 projects for a total of $33.2 billion in areas such as transportation, water supply, clean energy, digital and social infrastructure, and urban construction.

Over the past few years, the NDB has expanded its membership. Egypt, the United Arab Emirates and Bangladesh have already officially joined the bank. After completing the necessary procedures, Uruguay should also join the NDB.

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