April 1, 2019 / 8:47 AM / 3 months ago

BRICS development bank approves $790 million funding for S.African projects

CAPE TOWN, April 1 (Reuters) - The development bank of the BRICS group of emerging economies has approved funding of $790 million for three South African projects, the bank’s president said on Monday.

“We plan to end the year with total loan approvals of about $2.3 billion in South Africa,” New Development Bank president K.V. Kamath told the bank’s annual meeting in Cape Town.

A bank source told Reuters that $480 million of the approved funding was for struggling South African state power firm’s Medupi coal-fired power plant. (Reporting by Wendell Roelf Editing by Alexander Winning)

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