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