The bank aims to provide funding for infrastructure development to BRICS members, emerging markets.
Deputy President Shipokosa Paulus Mashatile delivers a keynote address at the BRICS 9th Annual New Development Bank Energy Seminar, August 31, 2024.Deputy President Paul Mashatile has commended the New Development Bank for approving substantial loans for the country’s energy sector.
The main aim of the bank is to provide funding for infrastructure development to BRICS members and other emerging markets. Mashatile says, “It is commendable that NDB has approved $2.3 billion for 10 renewable energy projects, including solar PV, wind, hydropower, biomass, and hybrid systems with storage. These projects aim to install a 2.8GW generation capacity, reducing over 4 million tonnes of CO2 emissions annually.”The NDB has already granted Transnet a R5 billion loan to upgrade and modernise freight rail.
The loan agreement was signed during the opening ceremony of the bank’s ninth Annual General Meeting in Cape Town on Friday.Finance Minister Enoch Godongwana says South Africa is looking at the bank for assistance, particularly in the current slow economic growth climate. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies.
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