SOUTH Africa has received at least $2 billion in financial assistance from the New Development Bank since the outbreak of the COVID-19 pandemic.
The New Development Bank is an initiative of the BRICS (Brazil, Russia, India, China and South Africa) countries, which seeks to mobilise resources for infrastructure and development in the emerging economies of developing countries.
The financial assistance was revealed by President Cyril Ramaphosa who was reflecting on the importance of the BRICS countries’ collaboration in his weekly newsletter to the country.
Ramaphosa said the financial injection is being used to fight the pandemic and to support the country’s economic recovery and that during last week’s BRICS summit, countries resolved to do even more to fight the pandemic collaboratively.
“BRICS countries agreed to deepen cooperation to fight COVID-19 and mobilise the political support and financial resources needed to respond to future pandemic preparedness. There has also been substantial
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