The China Development Bank (CDB) and the Development Bank of Southern Africa (DBSA) have signed a $293 million loan facility agreement on the sidelines of the BRICS Interbank Cooperation Mechanism’s annual meeting in Brazil.
This facility — the first financing collaboration between the two banks — will fund infrastructure, energy, ICT, water, health, and manufacturing projects across Africa.
“This agreement marks a new stage in our cooperation,” said CDB President Tan Jiong.
As members of the BRICS Interbank Cooperation Mechanism, both institutions see the deal as a concrete step towards deepening financial, economic, and trade ties within BRICS, while strengthening the strategic partnership between China and South Africa. It aligns with the “Ten Major Partnership Actions” announced at the 2024 Beijing Summit of the Forum on China–Africa Cooperation, and reflects the shared commitment of China and Africa to advance modernisation and build an all-weather community with a shared future.
“We sign this line of credit with our partner CDB to advance our ambition — an ambition that carries the profound responsibility of shaping unwritten chapters of our future through the sustainable infrastructure we build today,” said DBSA CEO Boitumelo Mosako.
