South Africa to receive US$1 billion from New Development Bank for urban modernisation
The funds will be channelled towards reforming municipal services
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Photo source: butenkow / iStock
South Africa and the New Development Bank (NDB) have signed a financing agreement worth US$1 billion. The money will be used to modernise infrastructure and support reforms in the country’s major urban municipalities under the Metro Trading Services Reform Programme (MTSR). This was reported by Xinhua News Agency, a partner of TV BRICS, citing the South African National Treasury.
"The MTSR is a South African government-led reform programme aimed at improving the governance, financial sustainability and operational performance of municipal trading services in metropolitan municipalities, particularly in water and sanitation, electricity and energy, and solid waste management," the document states.
The repayment term is 16 years, including a three-year grace period. It is noted that the funding is tied to specific outcomes. City councils set targets for their services, and an independent body verifies their achievement. The NDB is funding the programme alongside the World Bank, the Asian Infrastructure Investment Bank and others.
Previously, the New Development Bank (NDB) launched the BRICS–NDB Knowledge Portal (BNKP). This is a digital platform that brings together and disseminates the knowledge and expertise of the BRICS working groups and the NDB’s operational activities.
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