Since 2016, NDB has financed USD 972.8 million in South Africa’s energy sector — adding approximately 1,600 MW of capacity, 7,500 GWh of annual supply and cutting 7.2 million tonnes of CO₂ each year.
Johannesburg, South Africa, 21 November 2025: The New Development Bank’s energy sector investments in South Africa have provided considerable support to the development of the country’s renewable energy capacity – contributing to its transition away from the heavy reliance on fossil fuels towards a more diversified energy mix, according to a new independent evaluation report from NDB’s Independent Evaluation Office (IEO) presented today in Johannesburg.
IEO’s thematic evaluation of NDB Financing and Activities in the Energy Sector in South Africa report outlined how, since 2016, NDB has financed USD 972.8 in the country’s energy sector and its investments have, amongst other things, helped increase the installed capacity by an estimated 1,600 megawatts (MW), providing approximately 7,500 GWh/year in electricity supply; and reduced carbon dioxide emissions by about 7.2 million tonnes per year – representing almost 12% of the reduction required for South Africa to achieve its Nationally Determined Contributions. The evaluation also points to areas where NDB could add value, such as through greater technical assistance and knowledge management, and participation in the government’s credit guarantee vehicle initiative.
These and other findings were presented by IEO at an Independent Evaluation Stakeholders’ Workshop, which brought together senior officials from the Government of South Africa, including: Ms. Wanga Cibi, Chief Director, Liability Management, National Treasury, and Alternate Director for South Africa on the NDB Board of Directors; Advocate Melanchton Makobe, Acting Director-General of Department of Planning, Monitoring and Evaluation (DPME); and Mr. Subesh Pillay, Acting Director-General of the Department of Electricity and Energy, alongside representatives of development partners and evaluation experts.
During the workshop, participants discussed the thematic evaluation’s findings, lessons, and recommendations, explored opportunities to strengthen NDB’s and its partners’ capacities and engagement in future energy operations in South Africa and promote cross-fertilisation of experiences, good practices, and dialogue among a diverse group of stakeholders. Participants recognised the findings as evidence of how multilateral financing can accelerate the country’s transition away from fossil-fuel dependence toward a diversified, low-carbon energy mix.
During the same week, IEO and the South African Department of Planning, Monitoring and Evaluation signed a memorandum of understanding (MoU) on the sidelines of the DPME’s National Evaluation Seminar — formalising their cooperation in evaluation matters and knowledge exchange.
The MoU covers joint activities such as peer reviews of evaluations, training courses, and exchange of methodologies and good practices, as well as collaboration among both parties’ evaluation experts in areas of mutual interest.
Mr. Ashwani K. Muthoo, Director General of IEO said, “South Africa has built one of the most dynamic evaluation ecosystems in the Global South. This partnership will be fundamental as we embark on next year’s country portfolio evaluation of NDB’s activities in South Africa, ensuring that local insights and understanding of the development context enrich every stage of the work”.
By embedding evaluation more deeply in energy and infrastructure projects, both partners aim to strengthen results measurement, promote cross-fertilisation of experiences, and support South Africa’s sustainable and inclusive-growth agenda.
About the New Development Bank
NDB is a multilateral development bank established in 2015 by Brazil, Russia, India, China and South Africa (BRICS) with the aim of mobilising resources for infrastructure and sustainable development projects in BRICS countries and emerging markets and developing countries (EMDCs). In alignment with its members’ development objectives and commitments under the Sustainable Development Goals (SDGs) and the Paris Agreement, NDB prioritises high-impact operations that are climate-smart, disaster-resilient, technology-integrated, and socially inclusive. NDB’s Independent Evaluation Office is responsible for independently evaluating the Bank’s policies, strategies, processes, initiatives and operations. IEO also contributes and provides oversight to improve the effectiveness of the Bank’s quality assurance and self-evaluation activities.