South Africa Secures $405 Million in Loans from BRICS New Development Bank for Infrastructure Projects
South Africa has signed two loan agreements totaling $405 million with the New Development Bank (NDB), also known as the 'BRICS Bank.' These funds are earmarked for critical infrastructure development within the country. A $200 million loan will finance the construction of a 488-bed tertiary hospital in the Limpopo province, aiming to enhance access to specialized healthcare services. The remaining $205 million will be allocated to the Magalies Bulk Water Supply Scheme, a project designed to address severe water shortages in six municipalities across the Limpopo and North West provinces, where current water demand surpasses available supply. The loans are repayable over ten years, including a four-year grace period, and carry an interest rate based on the daily SOFR plus a margin of 0.93508%. The NDB, established in 2015 by the BRICS nations (Brazil, Russia, India, China, and South Africa), focuses on mobilizing resources for infrastructure and sustainable development projects in emerging economies. 
