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The BRICS Bank has provided a loan to South Africa to fight coronavirus

The new development Bank (NDB), the BRICS decided to give South Africa a loan of $ 1 billion to fight the spread of a new type of coronavirus, according to a release from the organization.

In late may, Deputy foreign Minister Sergei Ryabkov said that the BRICS development Bank (Brazil, Russia, India, China, South Africa) is preparing a line of credit to cover the cost of controlling COVID-19 in the five.

"The Board of Directors of the New development Bank (NDB) June 19, 2020 approved the granting to the government of the Republic of South Africa loan in the amount of $ 1 billion in the framework of emergency assistance in connection with COVID-19", - said in a statement.

Vice-President of the Bank, Zhu Xian noted that funds were provided "in response to the request and urgent financial needs of the government of the Republic of South Africa".

"The Bank's assistance will help to meet the pressing needs of South Africa in the health sector, to overcome the pandemic and to mitigate the socio-economic consequences for the most vulnerable groups of the population" - presented in the statement of the Vice President.

The loan was the third such this year, reads the statement.

According to recent reports in South Africa revealed 87 715 cases of infection with the novel coronavirus. Died 1831 ill, recovered 47 825 people.

The new development Bank established by BRICS countries on the basis of intergovernmental agreements signed during the VI BRICS Summit in Fortaleza in July 2014. The objective of the Bank is to Finance infrastructure projects and sustainable development projects in BRICS and developing countries. Total assets managed by the Bank amount to $ 100 billion.

Relevant data on the situation of COVID-19 in Russia and the world presented on the portal stopmanager.of the Russian Federation.