The City of Cape Town says it has secured R3.5 billion from a local bank for infrastructure development over the next three years. This forms part of plans to upgrade infrastructure by nearly R40 billion over the same period.
Cape Town Mayor Geordin Hill-Lewis says around 130 000 jobs will be created.
“This latest finance from Nedbank is one of several agreements to help fund our ambitious infrastructure investment agenda. We estimate that 130 000 construction jobs will be created and lower-income households will also directly benefit from 75% of this investment.”
We’ve secured R3.5 billion in loan finance from @Nedbank to power our record infrastructure spend.
In Cape Town we only borrow to fund productive investment in long term infrastructure, never for day to day expenses.
We’re turbocharging investment in our fastest-growing and… pic.twitter.com/jY6xwFW2xB
— Geordin Hill-Lewis (@geordinhl) June 25, 2024
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