South Africa secures second US$1 billion Brics Bank loan

The New Development Bank approved a US$1 billion emergency loan for South Africa to support government efforts to contain the economic impact of the coronavirus pandemic.

The funds will help finance the creation of employment opportunities, particularly under the Presidential Employment Stimulus program that aims to create and support about 700,000 jobs in the public sector, the Shanghai-based lender said in an emailed statement on Thursday.

The NDB, which serves the so-called Brics nations -- Brazil, Russia, India, China and South Africa -- approved another $1 billion emergency loan for South Africa in June 2020 to help the country overcome the health impact of the pandemic.