CAPE TOWN – The BRICS’s New Development Bank (NDB) regional office in South Africa hopes to end 2019 with total loan approvals of about R32.5 billion, according to the bank’s president, Kundapur Kamarth.
The regional office was opened in August 2017, and the bank’s board of directors approved three projects worth R11.2bn during the 4th annual meeting of the bank that finished yesterday. The board approved five loans worth R17.1bn during the annual meeting, R11.12bn of which is destined for projects in southern Africa.
The five projects approved during the NDB board of governors meeting on March 31 brought the total amount of the bank's portfolio to more than $9.2bn, the bank said.
At the meetings, board members noted the achievements of the bank, including expansion of its business, significant growth of loan portfolio as well as the ramp-up of the NDB’s borrowings. The board of governors chaired by Finance Minister Tito Mboweni also provided guidance for the bank's future work.
Projects approved by the governors included a R6.8bn project loan to Eskom to finance retrofitting flue-gas desulphurisation equipment at the 4 800MW Medupi power station to make it compliant with environmental standards coming into force.