THE New Development Bank of the BRICS group of nations has approved a $1 billion loan to the South African government to support an economic recovery from the COVID-19 pandemic, the bank said on Thursday.
“The loan will support the Government of South Africa in its efforts to contain the economic fallout of the pandemic and start economic recovery,” the bank said in a statement.
The bank further said that the Loan will finance creation of employment opportunities in South Africa, in particular the first phase of the Presidential Employment Stimulus (PES) aimed to create and support about 700,000 job opportunities in the public sector, together with social protection measures for active labour market participants that temporarily lost their jobs, in order to help them remain in the labour market.
“NDB’s
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
