(Bloomberg) -- South Africa’s City of Cape Town secured a 2.8 billion-rand ($158 million) loan from the World Bank’s private-investment arm to boost its water, sanitation, power 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 9.4 billion rand on infrastructure in the year through June, the most on record for any South African metropolitan region, it said Thursday.
The city’s infrastructure budget for the next three years is 39.5 billion rand, 80% more than the nation’s biggest metro area, Johannesburg, and almost double that for the third-largest, Durban, the Cape Town mayor’s office said Thursday.
©2024 Bloomberg L.P.
