Finance Minister Enoch Godongwana participated in the New Development Bank Governors Seminar discussion unlocking financing for sustainable development in emerging markets and developing countries on August 30, 2024.Finance Minister Enoch Godongwana says only 18% of the 13 loans that the New Development Bank has granted to South Africa have been disbursed.
The main aim of the bank is to provide BRICS member states and other emerging markets with finance for infrastructure development.Godongwana has explained why disbursement is sometimes slow: “We have approval for the hydro project in Lesotho. Lesotho is not a member of NDB, but because the benefits of that project will provide water to SA, so we have been the applicant… To my knowledge, it’s not disbursed because no requisition from our side.