#loan

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.

The City of Johannesburg has secured a loan of R3.8 billion aimed at addressing its electricity issues. The funds will be used to tackle the backlog in maintenance and major capital works, which is expected to take time to resolve.

Johannesburg has taken out a significant loan to address its electricity issues, as the city's power infrastructure and billing systems require urgent improvements. A survey indicated that only 38% of residents were satisfied with their electricity services in 2023/2024, a sharp decline from 77% in 2017/18. The auditor general reported that the city allocated only 1% of its operating budget for maintenance in 2024/25, well below the recommended 8%.

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.