
The New Development Bank has approved a US$1 billion loan aimed at infrastructure modernization in South Africa, as announced during a meeting in Shanghai. Additionally, the Board of Directors welcomed Uzbekistan as a new member of the bank.
AI summary. Verify with the original source.
Listen
Unlock audio summaries, audio summaries, AI chat, Wikipedia facts, and ad-free reading.
$3.99 / month · cancel anytime
Go PremiumBackground facts
Unlock wikipedia facts, audio summaries, AI chat, Wikipedia facts, and ad-free reading.
$3.99 / month · cancel anytime
Go PremiumSimilar stories

South Africa has secured a $1 billion loan from the BRICS New Development Bank (NDB) aimed at upgrading infrastructure across its eight metropolitan areas. This funding is part of the NDB's efforts to support development projects in member countries.
The South African Biz·June 19, 2026 at 6:28 AM
The UK has announced a UGX 1 trillion package aimed at improving infrastructure, energy, and agriculture in Uganda. This initiative marks a transition from traditional aid to investment, as stated by British officials. The announcement was made by Baroness Chapman, the UK’s minister for Africa and international development, during her two-day visit, which included a groundbreaking ceremony for new projects.
Uganda Standard·July 5, 2026 at 7:26 AMBridgement has obtained R330 million from major banks to enhance funding accessibility for South Africa's SMEs, aiming to transform traditional lending practices. The initiative is expected to facilitate quicker and easier access to financing for small and medium enterprises, with a focus on the role of AI in evolving business finance in the country.
IOL·July 5, 2026 at 10:00 AMThe Southern African Development Community (SADC) is advocating for the swift implementation of a Regional Development Fund, as emphasized by Ncube. He highlighted that activating this fund would help diminish the region's dependence on external financial support.
SABC Business·July 3, 2026 at 7:49 PM
The World Bank and the African Development Bank (AfDB) have successfully connected over 50 million people to electricity through their Mission 300 initiative, which spans 40 African countries. This effort aims to accelerate electricity access across the continent.
Punch·June 25, 2026 at 12:09 AM
The Government of Uganda has obtained €110.5 million (approximately Shs481 billion) from Standard Chartered Bank Uganda to finance the upgrading of the 115.8-kilometre Kitgum-Kidepo road, which is considered a strategic infrastructure project.
Business Times (UG)·July 1, 2026 at 8:27 PM