Luis Alvarez
South Africa is set to receive a new $1 billion (R14.5 billion at current exchange rates) loan from the New Development Bank (NDB) to support the country s economic recovery from Covid-19. The loan will support the government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery, the bank said in a statement on Thursday.
The NDB is a development finance institution established by Brazil, Russia, India, China and South Africa as part of the BRICS grouping.
The bank said the loan would finance creation of employment opportunities as part of the first phase of the Presidential Employment Stimulus.