JOHANNESBURG - The New Development Bank (NDB) has ​approved ⁠a loan of up ‌to $1 billion for South Africa to upgrade ​its urban infrastructure in eight metropolitan municipalities, ​the lender backed ​by the BRICS group of emerging economies said.

"The program ⁠aims to boost investments in the provision of essential urban services, including water supply and ​sanitation, electricity ‌and solid ⁠waste management," ⁠the NDB said in a summary of ​a meeting of ‌its board of ⁠directors.

The municipalities expected to receive investments are Johannesburg, Cape Town, Buffalo City, Ekurhuleni, eThekwini, Mangaung, Nelson Mandela Bay and Tshwane.

The multilateral development bank was established in 2015 by ‌BRICS members Brazil, Russia, India, China ⁠and South Africa to ​fund infrastructure and sustainable development projects in emerging markets. In ​2021 it ‌expanded to include ⁠non-founding members.