New Development Bank (NDB) and Development Bank of Southern Africa (DBSA) have signed a loan agreement to support the Greenhouse Gas Emissions Reduction and Energy Sector Development Project in South Africa.

The project aims to help the economy to shift towards renewable technologies energy through the structural transformation of the energy sector.

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NDB has agreed to provide a loan of nearly $300m to the national financial intermediary DBSA without a sovereign guarantee.

Owned by the Government of South Africa, DBSA is a development finance institution that offers financial support to sustainable infrastructure development.

“NDB has agreed to provide a loan of nearly $300m to the national financial intermediary DBSA without a sovereign guarantee.”

The loan to DBSA will be used for its subprojects within wind, solar, and biomass energy sectors.

In line with the South African Government’s Integrated Resource Plan 2010, the project will focus on facilitating investments in the renewable energy market to reduce carbon emissions as part of the National Development Plan 2030.

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The Greenhouse Gas Emissions Reduction and Energy Sector Development Project is also expected to attract new private sector investment that will facilitate the availability of long-term funds for projects in the energy sector across the country.

Established by Brazil, Russia, India, China and South Africa, NDB focusses on mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging economies.