Home Business and Technology SA secures $1bn New Development Bank Loan

SA secures $1bn New Development Bank Loan

President Cyril Ramaphosa

National Treasury has announced that it has secured a $1-billion loan from the New Development Bank.

The fund is aimed at helping South Africa cope with the negative impacts of COVID-19. It is also aimed at offering relief from the social and economic impact brought about by the nationwide lockdown.

President Cyril Ramaphosa approached multilateral lenders to help finance the country’s COVID-19 stimulus package.

South Africa eased restrictions to allow for economic activity to resume in various sectors.

Treasury says the funds will also go towards improving the healthcare system.

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Source: eNCA