Addis Ababa, June 23, 2026 (FMC) – The Board of Directors of the New Development Bank has approved a loan of up to US$1 billion to support infrastructure modernisation projects in South Africa, according to information released by the bank.
The financing will be used to implement a programme aimed at upgrading urban utility infrastructure across eight metropolitan municipalities, including Cape Town, Johannesburg and Tshwane. The initiative is expected to strengthen water supply and sanitation systems, improve electricity infrastructure, and enhance solid waste management services.
According to the bank, the investment is intended to improve living conditions for residents while supporting economic activity and advancing the objectives of South Africa’s National Development Plan 2030. The programme is also expected to contribute to the achievement of several United Nations Sustainable Development Goals related to sustainable cities and communities.
The decision was made during a meeting of the NDB Board of Directors at the bank’s headquarters in Shanghai. During the session, the board also approved the launch of early procurement procedures for a metro expansion project in Lucknow, which includes the construction of an 11.2-kilometre metro line with 12 stations.
Board members additionally reviewed the bank’s first-quarter 2026 financial statements, discussed its project pipeline for the year, and considered updates to its risk management framework.
In a separate development, the board welcomed Uzbekistan as a new member of the bank, marking another step in the institution’s ongoing expansion beyond its founding membership, as reported by our global partner TV BRICS, citing the bank’s website.
Established in 2015 by the BRICS nations—Brazil, Russia, India, China and South Africa—the New Development Bank mobilises resources for infrastructure and sustainable development projects in emerging economies. To date, the bank has approved 139 projects valued at nearly US$43 billion.