At a meeting in Shanghai, the Board of Directors also welcomed Uzbekistan as a new member of the bank
The Board of Directors of the New Development Bank (NDB) has approved a loan of up to US$1 billion to the Republic of South Africa. The funds are intended for the implementation of a programme to modernise the infrastructure of urban utilities in the capital region, as reported by the NDB’s website.
The programme will cover eight metropolitan municipalities, including Cape Town, Johannesburg, and Tshwane. The investment will be directed towards developing water supply and sanitation, electricity supply, and improving the solid waste management system. This is expected to enhance the quality of life for the population and improve the business climate in the regions, in line with the objectives of South Africa’s National Development Plan up to 2030. Furthermore, the project will support the achievement of the United Nations Sustainable Development Goals (SDGs), particularly those relating to the creation of sustainable cities and communities.
The NDB Board of Directors’ meeting took place at the bank’s headquarters in Shanghai. In addition to the financing decision on South Africa, the meeting approved the launch of early procurement procedures involving companies from non-NDB member countries for the construction of a new metro line in the Indian city of Lucknow, the capital of the state of Uttar Pradesh. The project involves the construction of 11.2 km of track, along which 12 stations will be located.
The Board of Directors approved the NDB’s condensed financial statements for the first quarter of 2026 and the revised risk management policy and also discussed the prospective project portfolio for the current year. In addition, assessment reports on the regional rapid transit project in India and on the country portfolio of projects for China were reviewed.
Progress on expanding the bank’s membership was discussed at the meeting. The Board of Directors welcomed Uzbekistan as a new member state of the bank.
In addition, the directors provided recommendations regarding the development of the New Development Bank’s overall strategy for the next five-year period (2027–2031).
The New Development Bank was established in 2015 on the initiative of the BRICS countries (Brazil, Russia, India, China, and South Africa) to mobilise resources for infrastructure projects in emerging markets. To date, the New Development Bank has approved 139 projects worth nearly US$43 billion. Since 2021, the bank has been accepting new non-founding members and positions itself as a platform for broader cooperation between developing economies.
African Times published this article in partnership with International Media Network TV BRICS
