South Africa Wins $1.5 Billion World Bank Infrastructure Loan

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Or sign-in if you have an account.(Bloomberg) — South Africa secured a $1.5 billion World Bank loan to help modernize the country’s infrastructure and create hundreds of thousands of jobs in the continent’s largest economy.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe facility is the fourth in a series of stand-alone development policy loans to South Africa since 2022, aimed at easing infrastructure bottlenecks that have contributed to a decade of meager economic growth.The Washington-based lender said reform of the electricity and transport sectors supported by the financing could create almost 600,000 new jobs by 2032, including 280,000 next year.“The operation builds on reforms that are already showing results,” the World Bank said in a statement. “Load shedding has been virtually eliminated for a year and a half, private investment in renewable energy has increased sixfold, and rail and port freight volumes have risen by more than 50% since 2023.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. 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Please try againScheduled power outages — known locally as load shedding — have become increasingly infrequent after years of being an almost daily occurrence, thanks to efforts to fix the state-owned power utility under a reform program launched by President Cyril Ramaphosa.According to a reform tracker compiled by Business Leadership South Africa, a lobby group, almost 70% of the projects identified as priorities are either on schedule or completed.“This program reflects our government’s determination to remove the infrastructure constraints that have held back growth and job creation for too long,” Finance Minister Enoch Godongwana said in the statement. “Working with the World Bank Group, we are deepening reforms already delivering results in energy and transport, while for the first time tackling the governance and investment gaps in our water sector that affect millions of households, particularly the poorest.”This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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