BRICS Bank Approves $1 Billion Loan for South African Water
- Lender gives authorization for Algeria to be become a member
- Other countries in Global South have also applied to join bank
Puddles of sewage water in the Kanana informal settlement in Hammanskraal, South Africa.
Photographer: Leon Sadiki/BloombergThis article is for subscribers only.
The New Development Bank, founded by the BRICS group of developing countries, approved a loan of as much as $1 billion to help develop water and sanitation infrastructure in South Africa.
The funding will be provided under South Africa’s Municipal Infrastructure Grant program, which seeks to reduce infrastructure backlogs and ensure the provision of basic services to poor households, the multilateral lender said in a statement on Saturday.