On August 29, 2024, the New Development Bank (NDB) Board of Directors held its 44th Meeting in Cape Town, South Africa.
During this meeting, the Board approved significant loans to advance sustainable development projects in member countries.
Municipal Water Supply and Sanitation Program in South Africa
The NDB Board approved a loan of up to USD 1 billion to South Africa for the development of water and sanitation infrastructure under the Municipal Infrastructure Grant (MIG).
LNG Transportation Project in China
The Board also approved a USD 150 million loan to China’s Bank of Communications Financial Leasing (BCFL) to finance the acquisition of LNG carriers. This project addresses China’s growing demand for LNG, supports the transition to cleaner energy, and aligns with SDGs 7 and 13 by promoting sustainable energy and reducing greenhouse gas emissions.
Additionally, the Board revised the Policy on Processing of Sovereign Loans and Loans with Sovereign Guarantee to streamline project approval processes. It also reviewed the Bank’s project pipeline for 2024-2025 and discussed strategies for expanding membership and enhancing the utilization of the Project Preparation Fund.
BRICS New Development Bank approves Algeria’s membership
“Algeria was authorised to become a member of the bank,” the bank’s president, Dilma Rousseff, told journalists on the sidelines of the ninth annual meeting of the bank in Cape Town, Reuters reports.
