BRICS: $1 billion to modernize South African cities

The New Development Bank, the financial arm of the BRICS group, approved a $1 billion loan to South Africa to modernize essential urban services in eight major municipalities (Johannesburg, Cape Town, Tshwane, eThekwini, Ekurhuleni, Buffalo City, Mangaung, and Nelson Mandela Bay), which house nearly 40% of the population. The funding targets water supply, sanitation, electricity, and solid waste management. This initiative aligns with South Africa's National Development Plan 2030.