China Development Bank and the Southern African Development Bank signed a 2.1 billion yuan loan agreement, with the first RMB financing supporting African infrastructure and livelihood projects.
Source: Xinhua
On July 9, it was learned from the China Development Bank that during the 2025 BRICS Bank Cooperation Mechanism Annual Meeting, the China Development Bank signed a 2.1 billion yuan loan agreement with the Development Bank of Southern Africa. This signing marks the implementation of the first RMB financing cooperation between the two parties.
It is understood that the relevant loan funds will be used to support projects in African infrastructure, energy, information and communication, water and sanitation, manufacturing, and other fields.
According to reports, both the China Development Bank and the Development Bank of Southern Africa are member banks of the BRICS Bank Cooperation Mechanism. This signing is a concrete measure by both parties to jointly enhance the quality and upgrade of BRICS cooperation and to serve the ten partnership actions for China-Africa modernization.
The China Development Bank stated that for a long time, it has attached great importance to cooperation with South Africa and actively supported both parties in strengthening cooperation under the BRICS Bank Cooperation Mechanism in areas such as infrastructure, energy and power, and the development of small and medium-sized enterprises. Key support has been provided for a number of landmark and "small but beautiful" livelihood projects, including the power station construction of Eskom, the locomotive procurement of Transnet, and the on-lending for small and medium-sized enterprises by the Industrial Development Corporation of South Africa, making positive contributions to the upgrading of South Africa's important infrastructure and the improvement of people's livelihoods. (Reporter Zhang Qianqian)