The New Development Bank just granted South Africa a loan of $180 million to develop its renewable energy sector. According to the bank’s spokesperson, the funds will be used to develop a 670MW transmission line and renewable energy producing plants with a combined capacity of 500 MW. These plants will be established by independent power producers.

The $180 million loan to SA is part of the $811 million that the bank awarded Brazil ($300 million), China ($81 million) and India ($250 million) to help them exploit renewable energies.

Previously known as BRICS Development Bank, NDB was established by Brazil, Russia, India, China and South Africa to improve financial cooperation between emerging economies.

Gwladys Johnson