BRICS Bank Grants $1B to South African Cities

The New Development Bank (BRICS Bank) of South Africa has lent one billion dollars to modernize infrastructure in the country's eight largest urban municipalities, with the aim of improving water, electricity, sanitation, and waste management services. This comes in response to the worsening crisis of municipal service deterioration and declining investment in infrastructure over the past decades. This funding is part of a government program that represents an important step towards addressing gaps in essential services and achieving sustainable development in urban areas.

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