- South Africa signed a significant MoU with the BRICS New Development Bank at the G20 Leaders’ Summit in Johannesburg to boost infrastructure financing.
- The NDB has invested over $5 billion in projects, with South Africa receiving about $1 billion focused primarily on the energy sector.
- NDB is conducting a comprehensive evaluation of its South Africa portfolio, expanding focus to infrastructure, transport, and digital development.
- South Africa is updating its National Evaluation Policy Framework to align development goals with the new economic shift and accelerate progress towards 2030 targets.
South Africa formalized a memorandum of understanding (MoU) with the BRICS New Development Bank (NDB) during the G20 Leaders’ Summit in Johannesburg. This agreement enhances collaboration and expands funding support for various development projects across the country. It reflects a strategic shift in South Africa’s approach to infrastructure financing and development.
The NDB has committed over $5 billion toward various investments, with South Africa receiving close to $1 billion. These funds have primarily targeted energy projects in partnership with Eskom, the Industrial Development Corporation, and the Development Bank of Southern Africa. This partnership provides South Africa with a crucial alternative financing source as it pursues its National Development Plan (NDP) goals for 2030, as noted in the signing announcement.
Currently, the NDB is undertaking a detailed portfolio evaluation of its investments in South Africa. Led by Ashwani Muto, Director General of the Independent Evaluation Office at the New Development Bank, this assessment includes site visits and stakeholder engagements across government, private sectors, and academia. Muto explained they are reviewing over $5 billion worth of projects to evaluate their impact and future potential.
Previously concentrated in energy, the NDB is broadening its investment scope to include infrastructure, transport, digital infrastructure, natural resources, and environmental sustainability. The expansion aims to diversify funding and meet wider development objectives. The bank’s regional office in Johannesburg is tasked to scale up future project pipelines in these areas.
Parallel to this, South Africa is updating its National Evaluation Policy Framework (NEPF) to better align with its evolving priorities and the BRICS economic shift. Minister Marupin Ramopa emphasized that the updated NEPF 2025 will focus more on outcomes and effective government project assessments. The updated policy is progressing through governmental stages toward cabinet approval and aims to enhance monitoring and implementation of development goals set for 2024–2025, supporting the broader 2030 agenda.
The government plans to incorporate Artificial Intelligence and integrated data systems in its evaluation processes. This will improve evidence gathering that informs policy decisions and budget allocations. Additionally, South Africa will establish mechanisms to track G20 commitments during its upcoming presidency handover to the United States.
The ongoing cooperation between South Africa and the BRICS New Development Bank through the NDP MoU underpins the country’s infrastructure development and economic growth strategies aligned with Sustainable Development Goals and the 2030 National Development Plan.
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