https://www.miningweekly.com

Cape Town secures €100-million in infrastructure funding from French bank

7th July 2023

By: Irma Venter

Creamer Media Senior Deputy Editor

     

Font size: - +

The City of Cape Town has secured €100-million in developmental finance, with Cape Town mayor Geordin Hill-Lewis signing the loan agreement with the Agence Francaise de Developpement (AFD) on June 21.

Cape Town has passed a record infrastructure investment budget of R43-billion over the medium term.

The city aims to execute this budget using a blended finance strategy, which includes revenue, grant funding and loans.

The €100-million – amounting to just more than R2-billion on the date of issuing – from AFD, the French development bank, is a developmental loan at a more favourable rate when tested against the market.

AFD has been active in South Africa since 1994 and has a long-standing relationship with Cape Town, with its first loan having been issued to the metro in 2013.

The funding will be spread across several categories of infrastructure, including water and sanitation (49%), urban mobility (24%) and access to electricity (17%).

“Cape Town has an ambitious infrastructure investment portfolio of R120-billion over the next ten years,” says Hill-Lewis.

“Our aim is to position the city for job-creating economic growth and sustainability, as we build towards our long-term vision of a city of hope for all.

“To achieve this, we must lay the foundation now in the form of water and energy security, better sanitation, a cleaner environment for all, greater urban mobility, and climate change resilience.”

“AFD has partnered with the City of Cape Town on a number of key impact areas, including municipal infrastructure, biodiversity and water security,” adds AFD Southern Africa regional director and South Africa country director Audrey Rojkoff.

“With this loan, we hope to further support the city in addressing sociospatial inequalities and sustainable climate- resilient development.”

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 
Rosond
Rosond

ROSOND provides fast, efficient, safe, and cost-effective drilling and grouting services to mining and exploration industries throughout Africa.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.052 1.07s - 110pq - 2rq
Subscribe Now