South Africa : BRICS Bank, a new strong alternative to the classical international financial institutions

Indian and Chinese representatives marking the launch of the New Development Bank. © RR

Casablanca, (ADV) – The New Development Bank, set up by the BRICS group of emerging economies, has approved loans of $300 million for energy projects in South Africa.

South Africa, which will host a BRICS summit later this week in Johannesburg, is trying to diversify its energy mix to reduce its reliance on heavily polluting coal-fired power plants.

It has launched several bidding rounds for billions of dollars of renewable energy deals in recent years, with the latest expected to open later this year.

The BRICS development bank said in a statement that its $300 million loan to South Africa would be channeled via the Development Bank of Southern Africa and would focus on projects which reduce carbon dioxide emissions and boost energy efficiency.

© Bur-csa – ADV