South Africa Roads Agency on Verge of Accessing BRICS Bank Loan

South Africa’s National Roads Agency expects to be able to access a 7 billion-rand ($398 million) loan from the New Development Bank soon and plans to use the money to upgrade key transportation routes.

“The state law adviser must give a legal opinion that it’s all sound; we expect that to come within the next two weeks,” Reginald Demana, the agency’s chief executive officer, said at the signing of the loan agreement in Johannesburg on Tuesday. Finalization is also contingent on foreign-exchange approvals from the South African Reserve Bank.