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BRICS bank approves $790m for 3 SA projects

A bank official has told Reuters that $480 million is aimed at Eskom’s Medupi power station.

The 4th Annual Meeting of the Brics New Development Bank is expected to bring together role-players from around the globe. Picture: @NDB_int/Twitter

JOHANNESBURG - The BRICS New Development Bank of emerging economies has approved funding of $790 million for three South African projects.

A bank official has told Reuters that $480 million is aimed at Eskom’s Medupi power station.

He also said that the bank plans to end the year with total loan approvals of about $2.3 billion for South Africa.

On Friday, Moody’s Investors Service delayed its announcement on the country's rating.

Business Unity South Africa (Busa) said that this gives the country the chance to fix its state-owned enterprises, including Eskom.

South Africans waited anxiously on Friday to see whether the country would be downgraded to junk status - but the announcement was postponed without a new date being given.

But Busa says this gives the country a chance to concentrate on political change and policy certainty.

“The decision by Moody’s to keep the rating at the same level and the outlook unchanged effectively means that it is adopting a wait-and-see approach,” says Busa CEO Tanya Cohen.

She says a credible plan is needed for SOEs, along with a pro-growth roadmap.

Cohen says the country's skills and education framework also remains out of alignment and continues to undermine the country's growth potential - something that needs to be fixed.

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