South Africa is collaborating with the World Bank on a $3 billion initiative to revitalize urban infrastructure in eight major cities, including Johannesburg, Cape Town, and Durban. These cities have experienced challenges, ranging from power outages and water shortages to degraded road networks and waste management systems. Under the plan, the World Bank will provide $1 billion in funding, with the remaining $2 billion coming from the South African government. An additional $6 billion, generated from municipal revenue and borrowing, will be provided under the Metro Services Trading Program, bringing the fund’s total to $9 billion. To secure a grant under the initiative, cities have to hit performance targets in electricity distribution, water supply, sanitation, and waste management.
Source: Business Insider Africa
