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Cape Town secures R3.5bn finance towards record infrastructure spend

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The City of Cape Town has secured an additional R3.5 billion in financing to support its plans for a South African record infrastructure investment over three years. Mayor Geordin Hill-Lewis led the signing ceremony with Nedbank today, 24 June, after Council approved the financing on 12 June.

The City of Cape Town has secured an additional R3.5 billion in financing to support its plans for a South African record infrastructure investment over three years.

This is South Africa’s largest three-year infrastructure investment made by a metropolitan municipality. ‘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. Lower-income households will also directly benefit from 75% – or R9bn – of Cape Town’s R12bn infrastructure spend in 2024/25.’

The City’s 10-year pipeline is valued at approximately R120 billion. The majority of the projects are classified as ‘Economic, Social, and Governance ’ and are related to the City’s overall Climate Change Strategy.

Source: News Formal (newsformal.com)

 

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