Brics bank approves loans for several big infrastructure projects
Various South African and Chinese projects will benefit from the R8 billion in loans.
The New Development Bank, set up by the Brics group of emerging economies – Brazil, Russia, India, China and South Africa – has approved loans to the value of R4 billion for energy projects in South Africa, along with R4 billion for a transportation project in China.
The Brics development bank said in a statement that its R4 billion loan to South Africa would be channelled via the Development Bank of Southern Africa. It also said that it would focus on projects which reduce carbon dioxide emissions and boost energy efficiency. The R4 billion loan to China will go towards a new metro line in the city of Luoyang.