The five-nation BRICS group announced expansion of members on Thursday, having invited six countries to join the bloc.

South African President Cyril Ramaphosa, who is hosting the group's summit in Johannesburg, said that Argentina, Egypt, Iran, Ethiopia, Saudi Arabia and the United Arab Emirates would begin their membership in January. Furthermore the Chinese government has donated R170m in emergency power equipment and made available an approximately R500m grant as development assistance to alleviate South Africa's energy crisis.

On the other hand The New Development Bank (NDB), has finalized a significant loan agreement of M3.2 billion with South Africa’s Trans-Caledon Tunnel Authority (TCTA) for the development of infrastructure in the Phase II of the Lesotho Highlands Water Project (LHWP). The agreement was signed on the sidelines of the 15th BRICS summit held in Johannesburg this week.