New Development Bank provides SA with $1bn Covid-19 loan

The New Development Bank established by Brics has approved a Covid-19 emergency loan of around R17.2 billion to South Africa to help reduce the socio-economic impacts of the pandemic. Covid19inSA CoronavirusPandemic

Cape Town - The New Development Bank established by the Brics group of emerging nations has approved a $1 billion Covid-19 emergency loan to South Africa to help reduce the socio-economic impacts of the pandemic, the National Treasury said on Saturday.

"The Covid-19 emergency program loan to South Africa will be provided in response to the urgent request and immediate financing needs of the South African government," the Treasury said in a statement.

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