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Approved! Treasury announces success with $1bn loan from New Development Bank

The money is aimed at helping the country deal with the COVID-19 pandemic and offer relief from the social and economic impact.

Finance Minister, Tito Mboweni briefs the media ahead of the Medium Term Budget Policy Statement. Picture: Cindy Archillies/EWN

JOHANNESBURG – Treasury has announced that the New Development Bank board of directors has approved a $1 billion emergency loan for South Africa.

The money is aimed at helping the country deal with the COVID-19 pandemic and offer relief from the social and economic impact.

In a statement released on Saturday morning, Treasury said the funds would also go towards improving the healthcare system.

It said it's working with the New Development Bank on the final technical and administrative requirements before final details are published.

South Africa approached multilateral lenders to help finance its COVID-19 stimulus package.

The country eased restrictions to allow for economic activity to resume in various sectors.

President Cyril Ramaphosa this week announced the re-opening of restaurants, beauty salons, cinemas, casinos, and non-contact sports.

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