The China-based New Development Bank (NDB) has loaned South Africa 1 billion dollars to help the recession- and coronavirus-hit economy sail through its current troubled economic waters.

The NDB established a 10-billion-dollar emergency assistance facility in April last year to assist BRICS nations during the pandemic.

According to the office of South African President Cyril Ramaphosa, the loan to Pretoria would help the country finance its employment creation programmes that are currently underway as part of the country’s economic recovery plan.

It said the funding is expected to assist the first phase of the Presidential Employment Stimulus, which is aimed at creating some 700,000 jobs in the public sector.

BRICS members are Brazil, Russia, India, China and South Africa.

They own the Shanghai-based NDB, which was set up to offer alternative financial funding to the World Bank in dispersing affordable loans to member states.