Hardie Minute

South Africa’s City of Cape Town secured a R2.8 billion loan from the World Bank’s private investment arm to boost its water, sanitation, power, and road infrastructure.

The 18-year loan from the International Finance Corp. will support investment in Cape Town, which has a 10-year pipeline worth about 120 billion rand, the city said in an emailed statement Friday.

Cape Town spent R9.4 billion on infrastructure in the year through June, the most on record for any South African metropolitan region, it said Thursday.

The Cape Town mayor’s office said Thursday that the city’s infrastructure budget for the next three years is R39.5 billion.

This is 80% more than that of the nation’s biggest metro area, Johannesburg, and almost double that of the third-largest, Durban.

Daily Investor, Bloomberg – “Cape Town gets R2.8 billion from World Bank“. Web Blog post. 23 August 2024