The City of Cape Town has secured R3.5 billion in financing from Nedbank for infrastructure investment.
The R3.5 billion in financing, approved by the Council on 12 June, forms part of the city’s plan to spend R39.5 billion on infrastructure from July 2024 to June 2027 as part of its ‘Building For Jobs’ Budget.
The city said that this is the largest three-year infrastructure investment in a metro in South Africa’s history.
‘We are pleased to secure further finance towards our ambitious infrastructure investment agenda, which we estimate will create 130,000 construction-related jobs alone over three years,” said Cape Town Geordin Mayor Hill-Lewis.
“Lower-income households will also directly benefit from 75% – or R9bn – of Cape Town’s R12bn infrastructure spend in 2024/25.”
Source: TRADE FINANCE
