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.

An aerial view of the Green Point Stadium which will host matches in the FIFA 2010 World Cup, on January 26, 2010 in Cape Town, South Africa. (Photo by David Rogers/Getty Images)

By Bloomberg

23 Aug 2024

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.

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Comments

Rob Fisher Aug 24, 2024, 08:34 AM

I hope they spent all the loot carefully and frugally, the rate payer is on the hook to pay for all of this "free" money. I for one look at some of the projects and think they could have been done for cents in the rand. Leaving lots of money to build new roads for the mushrooming population.

Steve Davidson Aug 25, 2024, 07:13 AM

You and the photo titler might want to check your times. CoCT haven't spent the money yet, and 2010 is a long way back. But more importantly, what on earth do you mean by 'for cents in the rand'?! And we'll certainly be getting bang for these bucks judging from past experience in CPT.