CAPE TOWN – The New Development Bank (NDB) Africa Regional Centre (ARC) based in Johannesburg was showing growing impetus and had identified six projects for 2019.
NDB President, Kundapur Vaman Kamath, speaking at the 4th annual meeting of the multilateral bank at the Cape Town International Convention Centre, said that he was pleased that the ARC, which was launched in August 2017, was "already bearing fruit".
"While the Bank only approved three projects from South Africa aggregating US$680 million in the past three years, the ARC has enabled us to quickly identify six projects for 2019," Kamath said.
Kamath continued,"Of these, three projects, aggregating US$790 million, were approved by the Board of Directors yesterday. We plan to end the year with total loan approvals of about $2.3 billion in South Africa."
The NDB is a development bank established by the BRICS (Brazil, Russia, India, China and South Africa) bloc of countries.