UK backs $400m AfDB loan for South Africa climate push

The African Development Bank (AfDB) approved a $400-million loan for South Africa and the facility will be guaranteed by the UK as part of its contribution to a climate finance pact between the continent’s largest economy and some of the world’s richest nations. The AfDB said the loan will be used to fund municipal water and electricity projects in municipalities in South Africa’s eastern province of Mpumalanga, where the bulk of South Africa’s coal mines and its largest power plants are located. Money will be disbursed when municipalities meet service delivery and utility performance targets.

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