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BRICS Bank’s First Local-Currency Loan Is for South Africa Roads

  • Loan of 7 billion rand to be used for toll-road upgrades
  • The loan is guaranteed by the South African government
Johannesburg, South Africa.

Johannesburg, South Africa.

Photographer: Waldo Swiegers/Bloomberg
Updated on

The New Development Bank, the multilateral development institution set up by members of the BRICS group of countries, has extended its first loan in local currency by providing 7 billion rand ($477 million) for South African roads.

The 15-year loan to the South African National Roads Agency SOC Ltd. will be guaranteed by the country’s government and still needs the approval of the transport and finance ministers.