CAPE TOWN, June 18 (Xinhua) -- South Africa has secured a loan of up to 1 billion U.S. dollars from the New Development Bank (NDB) to upgrade urban infrastructure in eight metropolitan municipalities, including Cape Town and Johannesburg, local media reported Thursday.
The Board of Directors of the NDB, established in 2015 by the BRICS members -- Brazil, Russia, India, China, and South Africa -- approved the loan last week during its 51st meeting at the multilateral development bank's headquarters in Shanghai.
The NDB said in a statement released on Monday that the loan will support a program to upgrade infrastructure for metropolitan municipal services in South Africa.
"The program aims to boost investments in the provision of essential urban services, including water supply and sanitation, electricity and solid waste management, in eight South Africa's metropolitan municipalities -- Buffalo City, Cape Town, Ekurhuleni, eThekwini, Johannesburg, Mangaung, Nelson Mandela Bay, and Tshwane," the bank was quoted by local media as saying in the statement.
South African media reported that the loan comes amid growing concerns over deteriorating municipal infrastructure in South Africa's largest metros, causing water outages, sewage spills, and rolling blackouts.
The NDB said the program is expected to enhance living conditions for residents and improve the business climate in the eight identified municipalities, contributing to socio-economic development, as envisaged in South Africa's National Development Plan 2030.
"The program supports achievement of the United Nations Sustainable Development Goals (SDGs), primarily SDG 11 (Sustainable Cities and Communities), while also contributing to SDG 6 (Clean Water and Sanitation) and SDG 7 (Affordable and Clean Energy)," it added. ■