By Zalene Merrington

He was speaking at the bank’s ninth annual general meeting in Cape Town today.

The main aim of the bank is to provide funding for infrastructure development to Brazil, Russia, India, China, South Africa (BRICS) members and other emerging markets.

Mashatile says, “It is commendable that NDB has approved $2.3 billion for 10 renewable energy projects, including solar PV, wind, hydropower, biomass, and hybrid systems with storage. These projects aim to install a 2.8GW generation capacity, reducing over 4 million tonnes of CO2 emissions annually.”

Transnet granted R5 billion loan

The NDB has already granted Transnet a R5 billion loan to upgrade and modernise freight rail.

The loan agreement was signed during the opening ceremony of the bank’s ninth Annual General Meeting in Cape Town on Friday.

This is the third loan that Transnet is getting from the NDB since 2016.

Finance Minister Enoch Godongwana says South Africa is looking at the bank for assistance, particularly in the current slow economic growth climate.

“Infrastructure is an enormous economic multiplier, providing dividends for an economy long after the infrastructure has been built. We believe that the NDB’s activities in developing and emerging markets will assist in addressing the large infrastructure financing gap that has been impeding economic growth and development, particularly in Africa,” says Godongwana.
 

--SABC--