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News, South Africa

BRICS development bank approves $1 bln COVID-19 loan for South Africa

JOHANNESBURG, April 8 (Reuters) – The New Development Bank of the BRICS group of nations has approved a $1 billion loan to the South African government to support an economic recovery from the COVID-19 pandemic, the bank said on Thursday.

“The loan will support the Government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery,” the bank said in a statement.

(Reporting by Alexander Winning; Editing by Olivia Kumwenda-Mtambo)

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