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SA Receives $1bn Emergency Loan

South Africa has received a $1-billion COVID-19 emergency loan from the New Development Bank (NDB).

This is the second loan in less than a year. 

The loan will help finance employment creation.

This includes the first phase of the Presidential Employment Stimulus which is aimed at creating and supporting about 700,000 jobs in the public sector.

It will also put in place protection measures for people who temporarily lost their jobs.

The first loan was used for emergency healthcare and social grant relief.

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