South Africa secures second USD 1 billion loan from Brics Bank

South Africa received a $ 1 billion loan from the China-based New Development Bank (NDB), according to an announcement by the South African presidency on April 11.

The support will strengthen the South African economy hard hit by the recession and the coronavirus pandemic, through the funding of job creation programs currently underway as part of the country’s economic recovery plan.

The loan is part of the $ 10 billion emergency aid mechanism set up to help BRICS countries during the pandemic.

The funds will help finance job creation, especially under the presidential job boosting program that aims to create and support around 700,000 public sector jobs, said the Shanghai-based bank, which includes notably Brazil, Russia, India, China and South Africa.

BRICS had already approved another $ 1 billion emergency loan for South Africa in June 2020 to help the country overcome the impact of the pandemic on the health system.

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