The New Development Bank (NDB), which was formed in July 2014, marks its eighth birthday this year.
It was formed by the leaders of Brazil, Russia, India, China and South Africa (BRICS) when they met in Fortaleza, Brazil, for the bloc’s summit.
The bank was seen as a potential alternative to the World Bank and able to take a new approach to development finance.
The NDB has since approved 11 projects in South Africa and Lesotho.
These involve sustainable energy, transportation, water resource management, and a Covid-19 emergency loan programme.
Some of these projects, for instance, the Environmental Protection Project for the Medupi Thermal Power Plant, are of strategic importance to South Africa.
Of the project’s estimated total cost of $2.75 billion (R47.16bn), the bank is providing a $480m loan.…