Modernising the metros: A R16.4bn NDB loan is set to overhaul water, electricity, and waste infrastructure across eight South African municipalities.
The Board of Directors of the New Development Bank (NDB) has approved a loan of up to R61.4bn (US$1 billion) for South Africa to support a programme aimed at modernising urban utility infrastructure, according to the bank.
The programme will cover eight metropolitan municipalities, including Cape Town, Johannesburg and Tshwane. Funding will be directed towards water and sanitation infrastructure, electricity supply systems and improvements to solid waste management.
The investment is expected to improve residents' quality of life and strengthen the business environment in the affected regions, supporting the objectives of South Africa's National Development Plan 2030. The project is also expected to contribute to the achievement of the United Nations Sustainable Development Goals, particularly those related to sustainable cities and communities.
The funding was approved during a meeting of the NDB Board of Directors at the bank's headquarters in Shanghai.
