New Development Bank approves $1bn loan to South Africa to Support Economic Recovery

The New Development Bank of the Brics Group has on Thursday approved a $1 billion loan to the South African government to help with economic recovery due to the COVID-19 pandemic.

This comes as the country battles record unemployment of around 32.5%.

The New Development Bank said in a statement on Thursday that the loan would support the government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery.

It said the funds would help finance the creation of employment opportunities, particularly under the presidential employment stimulus programme, which aims to create and support about 700,000 jobs in the public sector.

President Cyril Ramaphosa announced earlier this year that the country would be embarking in major infrastructure projects to create employment.

This is the latest in a series of loans to help the country recover after the COVID-19 pandemic.


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