South Africa secures nearly $400 million from BRICS to upgrade key highways. Past toll-related debts had blocked loans, now resolved. Domestic and foreign funding from BRICS-related initiatives will supplement the project.
South Africa is set to receive a $398 million loan from the New Development Bank, funded by BRICS nations, to upgrade its main highways. The National Roads Agency will renovate four major freeways and other essential routes, pending legal and central bank approvals.
The project was delayed in 2019 due to past debts linked to a toll system that was officially scrapped last year. With that resolved, the government approved a 16.5 billion-rand debt cap for Sanral, clearing the way for major infrastructure upgrades.
Additional funding will come from domestic banks, bond investors, and other financial institutions, while the New Development Bank may provide part of the loan in rand to further strengthen South Africa’s transport network.