New Development Bank approves a $ 1 billion loan to SA to help them recover from COVID

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This is because the country is struggling with a record unemployment rate of around 32.5%.

JOHANNESBURG – The New development bank Brics Group approved a $ 1 billion loan to the South African government on Thursday to aid economic recovery from the COVID-19 pandemic.

This is because the country is struggling with a record unemployment rate of around 32.5%.

The New Development Bank said in a statement Thursday that the loan would assist the South African government in its efforts to contain the economic fallout from the pandemic and usher in economic recovery.

The funds would help fund job creation, particularly through the President’s Employment Program, which aims to create and support around 700,000 public sector jobs.

president Cyril Ramaphosa announced earlier this year that the country would tackle major infrastructure projects to create jobs.

This is the latest in a series of loans designed to help the country recover from the COVID-19 pandemic.

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This article first appeared on EWN: New Development Bank approves a $ 1 billion loan to SA to help them recover from COVID

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