(Ecofin Agency) - South Africa will receive $790 million from the BRICS (Brazil, Russia, India, China and South Africa) for three projects, Kundapur Vaman Kamath (photo), president of the BRICS’ New Development Bank (NDB) announced.

A source cited by Reuters explains that out of this funding, $480 million will help alleviate the funding problems of Medupi power station that belongs to the South African government.

In July 2018, the BRICS announced that it would provide $600 million to South Africa before end 2018. According to the institution, it was to support the energy and transport sectors to boost the ailing economy.

“We plan to end the year with total loan approvals of about $2.3 billion in South Africa,” K.V Kamath said according to a statement quoted by Reuters.

Moutiou Adjibi Nourou