South Africa’s government has signed a $500m sovereign-backed loan agreement with the Asian Infrastructure Investment Bank (AIIB) to strengthen climate-resilient urban services across the country.
The National Treasury announced the agreement on Friday, describing the financing as a major step towards advancing South Africa’s sustainable infrastructure priorities.
“The financing marks AIIB’s first investment in South Africa, establishing a new partnership to advance the country’s sustainable infrastructure priorities,” the Treasury said in a statement.
The loan is expected to support initiatives aimed at improving urban services while helping cities adapt to the growing impacts of climate change.
The partnership with AIIB forms part of South Africa’s broader efforts to mobilise funding for infrastructure development and strengthen resilience in urban areas facing environmental and economic pressures.
