Brics bank approves $600m loans for South African, Chinese projects
The New Development Bank, set up by the Brics group of emerging economies, has approved loans of $300-million for energy projects in South Africa and $300-million for a transportation project in China.
South Africa, which will host a Brics summit later this week in Johannesburg, is trying to diversify its energy mix to reduce its reliance on heavily polluting coal-fired power plants.
It has launched several bidding rounds for billions of dollars of renewable energy deals in recent years, with the latest expected to open later this year.
The Brics development bank said in a statement that its $300-million loan to South Africa would be channelled via the Development Bank of Southern Africa and would focus on projects which reduce carbon dioxide emissions and boost energy efficiency.
Its $300-million loan to China is for a new metro line in the city of Luoyang. With the two projects, the bank's portfolio of loans stands at more than $5.7-billion.
The Brics grouping comprises Brazil, Russia, India, China and South Africa.
Russia said this month that it was in talks with the New Development Bank about borrowing more than $1-billion for infrastructure projects.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation