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Home Health

South Africa gets US$750M World Bank loan to bolster COVID recovery

FurtherAfrica by FurtherAfrica
January 25, 2022
in Africa, Health, South Africa
Reading Time: 1 min read
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South Africa to gradually ease regulations after lockdown
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The World Bank has approved a loan of $750 million to South Africa linked to COVID-19, aiming to help protect the poor and support economic recovery from the pandemic, the National Treasury said on Friday.

The continent’s second largest economy, South Africa has been hit hard by four waves of infection that killed close to 94,000 people and infected 3.5 million in Africa’s worst caseload.

Successive lockdowns meant to protect people have led to the closure of thousands of businesses, swelling an army of unemployed as South Africa’s jobless rate hit records in 2021.

Also read: Germany to invest US$45M+ in South Africa’s green hydrogen economy

“The World Bank budget support is coming at a critical time for us,” Dondo Mogajane, the director-general of the National Treasury, said in a statement.

Funds from the development policy loan would help bridge a financing gap stemming from additional spending on the COVID-19 crisis, he added.

Related

Source: Reuters
Tags: Africa caseloadbusinessesCOVID recoveryCovid-19developmentDondo MogajaneEconomyfinancingHealthinfectionNational Treasurypoorprotect peopleSouth AfricaSouth Africa gets US$750M World Bank loan to bolster COVID recoverysupport economicWorld Bankюжная-африкаجنوب-أفريقيا南アフリカ南非
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Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

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