NDB approves significant financing initiatives for S. Africa, China
The board of directors of New Development Bank (NDB) recently approved a significant financing initiatives at its 44th Board of Directors meeting on August 29, 2024. The approvals include a $1 billion loan for South Africa’s Municipal Water Supply and Sanitation Programme and a $150 million loan to China’s Bank of Communications Financial Leasing (BCFL) for an LNG Transportation Project.
The South African loan is intended to improve water and sanitation infrastructure in alignment with the National Water and Sanitation Master Plan 2030, supporting Sustainable Development Goals (SDG) 6 and 13 by ensuring universal access to clean water and advancing climate action.
Meanwhile, the BCFL loan will fund the acquisition of LNG carriers to address China’s increased demand for LNG, reducing coal consumption and greenhouse gas emissions. This project supports SDG 7 and 13, enhancing energy sustainability and environmental performance.
The meeting also included the approval of a revised Policy on Processing Sovereign Loans and Loans with Sovereign Guarantees, updates on the Bank’s project pipeline, and discussions on membership expansion and project preparation funds. Additionally, the Board approved a club loan facility of up to $1.5 billion and reviewed the Mid-Term Review Report on the Bank’s General Strategy for 2022-2026.
On August 28, 2024, the Audit, Risk, and Compliance Committee and the Budget, Human Resources, and Compensation Committee also met in Cape Town.
Attribution: NDB
Subediting: Y.Yasser
