The New Development Bank, established by the BRICS nations, has approved $1 billion in financing for infrastructure projects across eight South African municipalities. The funding will support essential urban services, including water and sanitation systems, electricity networks, and solid waste management. Beneficiary cities include Johannesburg, Cape Town, Tshwane, eThekwini, Ekurhuleni, Buffalo City, Mangaung, and Nelson Mandela Bay. The financing offers South African cities a lifeline, with the country facing a substantial infrastructure financing gap estimated at between $254 billion and $329 billion through 2030. The latest approval is expected to help improve service delivery, strengthen municipal infrastructure, and support long-term economic development across key urban centers. Founded in 2015 by Brazil, Russia, India, China, and South Africa, the New Development Bank primarily funds projects in energy, transportation, and ports.
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