The New Development Bank (NDB) – an initiative of the Brazil, Russia, India, China and South Africa bloc – and South Africa's Trans-Caledon Tunnel Authority (TCTA) have signed a R3.2-billion loan agreement for the implementation of Phase 2 of the Lesotho Highlands Water Project (LHWP). The NDB will provide the project loan to the TCTA under the sovereign guarantee of South Africa.
