Cape Town — Finance Minister, Enoch Godongwana, said the New Development Bank (NDB) must do all that it can to preserve its integrity and financial sustainability.
Speaking during the ninth meeting of the NDB in Cape Town, Godongwana said the NDB had granted Transnet a R5 billion loan for approval for a hydro project in Lesotho, eNCA reported.
He said that, while Lesotho was not a BRICS member, the project would likely dispense water to South Africa. He said there would be several projects to take place in the future.
[ON AIR] Finance Minister Enoch Godongwana speaks to the media at the 9th meeting of the BRICS Bank in Cape Town. Earlier, Deputy President Paul Mashatile announced that the BRICS Bank has approved an R5-billion loan to Transnet. Tune in to #eNCA channel #DStv403 pic.twitter.com/8ZYcHvqKKg
— eNCA (@eNCA) August 31, 2024
Godongwana said the so-called BRICS bank said member countries should connect on common development interests. He said the bank can help to develop emerging markets and bridge the large financing gap that has been growing, EWN reported.
He said the NDB should affirm its commitment to global partnerships and cooperation such that no country is left behind when it comes to development. He added that, as more African countries become members, it would play an important role in the provision of infrastructure needed for sustainable development.
He also said the NDB needed to speed up its efforts in approving projects for renewable energy, infrastructure development and job creation.
According to SABC News, this was the first meeting with new members Bangladesh, United Arab Emirates (UAE) and Egypt. The BNDB has granted South Africa 13 loans for government projects since 2016 and Godongwana said it must implement innovative financing instruments to get more private sector involvement.
“The NDB can play an essential role in mobilising private investment and ensuring it flows where it is needed most,” he said.
What a great start to #NDBAM24 in Cape Town!
NDB signed a 5-billion-rand loan agreement with Transnet SOC Ltd, South Africa’s leading freight transport & logistics company to support the modernisation and improvement of South Africa’s freight rail sector.https://t.co/9jBD8ntxNg pic.twitter.com/q3h0LySJW3
— New Development Bank (@NDB_int) August 30, 2024
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Compiled by Matthew Petersen
