Business and Technology

SA receives $1bn emergency loan from New Development Bank

South Africa has received a $1-billion COVID-19 emergency loan from the New Development Bank (NDB). This is the second loan in less than a year. The loan will help finance employment creation.

President Ramaphosa

This includes the first phase of the Presidential Employment Stimulus which is aimed at creating and supporting about 700,000 jobs in the public sector. It will also put in place protection measures for people who temporarily lost their jobs. The first loan was used for emergency healthcare and social grant relief.

The NDB established a $10-billion emergency assistance facility in April last year, to assist BRICS nations during the pandemic.

In other news – Queen Elizabeth husband’s Prince Philip has died

Prince Philip, Queen Elizabeth II’s husband, has died aged 99, Buckingham Palace has announced.

Queen Elizabeth and Prince Philip

Buckingham Palace said: “It is with deep sorrow that Her Majesty The Queen has announced the death of her beloved husband, His Royal Highness Prince Philip, Duke of Edinburgh. His Royal Highness passed away peacefully this morning at Windsor Castle. Boris Johnson said he “inspired the lives of countless young people”. Learn more

Source: eNCA

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