SA gets new $1bn loan from BRICS bank to support economic recovery

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Luis Alvarez

South Africa is set to receive a new $1 billion (R14.5 billion at current exchange rates) loan from the New Development Bank (NDB) to support the country's economic recovery from Covid-19. 

"The loan will support the government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery," the bank said in a statement on Thursday. 

The NDB is a development finance institution established by Brazil, Russia, India, China and South Africa as part of the BRICS grouping. 

The bank said the loan would "finance creation of employment opportunities" as part of the first phase of the Presidential Employment Stimulus.

The loan is the second provided by the NDB to help SA overcome the impact of the pandemic after it approved a $1 billion emergency loan in June 2020. 

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