South Africa has secured a $500 million (about R8.1 billion) loan from the Asian Infrastructure Investment Bank (AIIB).
The loan will fund the South Africa Metro Trading Services Programme, which aims to improve how metropolitan municipalities manage their finances and deliver services to residents.
According to National Treasury, the funding will support reforms to improve water, electricity and waste management services in the country’s eight metropolitan municipalities.
The loan is being provided alongside funding from the World Bank and forms part of a broader $3 billion programme led by the South African government.
The eight metros are home to about 22 million people and account for roughly 85% of South Africa’s economic output.
